A company wants to have $50,000 at the beginning of each 6-month period for the next 9/2 (division) years If an annuity is set up for this purpose, how much must be invested now if the annuity earns 6.41%, compounded semiannually?

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

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