A contract between two parties (company A \& B) was created such that in return for equipment, company A would provide payments of $1,000 in 6 months, $2,500 in 10 months, and $4,000 in 24 months. However, a clause was inserted in the contract that allowed company A to pay a lump sum payment in month 16. If interest on the contract is 5.8% compounded semi-annually, determine the value of the lump sum payment for month 16 that should be written in the contract. When entering your answer, round your values to two decimal places, and use a $ symbol as well as the correct comma separator. For example $1,234.56