A company wants to have $40,000 at the beginning of each 6-month period for the next 4 - 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. O ordinary annuity O annuity due (b) Solve the problem. (Round your answer to the nearest cent.) $ Need Help? Read It