A company wants to have $30,000 at the beginning of each 6-month period for the next 4 1 2 years. If an annuity is set up for this purpose, how much must be invested now if the annuity earns 6.98%, compounded semiannually?

(a) Decide whether the problem relates to an ordinary annuity or an annuity due. ordinary annuity annuity due

(b) Solve the problem. (Round your answer to the nearest cent.) $