A debt of $17,000 is being repaid by 17 equal semiannualpayments, with the first payment to be made six months from now. Interest is at the rate of 7% compounded semiannually.However, after twoyears, the interest rate increases to 8% compounded semiannually. If the debt must be paid off on the original date agreedupon, find the new semiannual payment.

The new semiannual payment is $=

.

(Round the final answer to the nearest dollar as needed. Round all intermediate values to six decimal places asneeded.)