A woman wishes to deposit a lump sum into a savings account now from which she can withdraw regular amounts to pay for the maintenance of her motor car. She will need to withdraw regular half-yearly amounts from the savings account starting with a withdrawal of R1500 eighteen months from now from now and ending with a last withdrawal five years from now. To keep up with inflation the withdrawals will need to increase at a rate of 6% p.a each half-year from the second withdrawal onwards. If the savings account earns interest at a rate 6,8% p.a.compounded daily, then the amount, to the nearest cent, that must be deposited into the savings account now, in order to fund the future growing withdrawals, is equal to: