Ajax Corporation has hired Brad O'Brien as its new president. Terms included the company's agreeing to pay retirement benefits of $18,600 at the end of each semiannual period for 10 years. This will begin in 3,285 days. If the money can be invested at 8% compounded semiannually, what must the company deposit today to fulfill its obligation to Brad? (Use Table and Table 12.3.) Note: Use 365 days a year. Do not round intermediate calculations. Round your answer to the nearest cent. Present value interest factor of an (ordinary) annuity of $1 per period at i% for n periods, PVIFA(i,n). \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline Period & 0.5% & 1.0% & 1.5% & 2.0% & 2.5% & 3.0% & 3.5% & 4.0% & 4.5% & 5.0% & 5.5% & 6.0% & 6.5% & 7.0% & 7.5% & 8.0% & 8.5% & 9.0% & 9.5% & 10.0% \\ \hline 1 & 0.9950 & 0.9901 & 0.9852 & 0.9804 & 0.9756 & 0.9709 & 0.9662 & 0.9615 & 0.9569 & 0.9524 & 0.9479 & 0.9434 & 0.9390 & 0.9346 & 0.9302 & 0.9259 & 0.9217 & 0.9174 & 0.9132 & 0.9091 \\ \hline 2 & 1.9851 & 1.9704 & 1.9559 & 1.9416 & 1.9274 & 1.9135 & 1.8997 & 1.8861 & 1.8727 & 1.8594 & 1.8463 & 1.8334 & 1.8206 & 1.8080 & 1.7956 & 1.7833 & 1.7711 & 1.7591 & 1.7473 & 1.7355 \\ \hline 3 & 2.9702 & 2.9410 & 2.9122 & 2.8839 & 2.8560 & 2.8286 & 2.8016 & 2.7751 & 2.7490 & 2.7232 & 2.6979 & 2.6730 & 2.6485 & 2.6243 & 2.6005 & 2.5771 & 2.5540 & 2.5313 & 2.5089 & 2.4869 \\ \hline 4 & 3.9505 & 3.9020 & 3.8544 & 3.8077 & 3.7620 & 3.7171 & 3.6731 & 3.6299 & 3.5875 & 3.5460 & 3.5052 & 3.4651 & 3.4258 & 3.3872 & 3.3493 & 3.3121 & 3.2756 & 3.2397 & 3.2045 & 3.1699 \\ \hline 5 & 4.9259 & 4.8534 & 4.7826 & 4.7135 & 4.6458 & 4.5797 & 4.5151 & 4.4518 & 4.3900 & 4.3295 & 4.2703 & 4.2124 & 4.1557 & 4.1002 & 4.0459 & 3.9927 & 3.9406 & 3.8897 & 3.8397 & 3.7908 \\ \hline 6 & 5.8964 & 5.7955 & 5.6972 & 5.6014 & 5.5081 & 5.4172 & 5.3286 & 5.2421 & 5.1579 & 5.0757 & 4.9955 & 4.9173 & 4.8410 & 4.7665 & 4.6938 & 4.6229 & 4.5536 & 4.4859 & 4.4198 & 4.3553 \\ \hline 7 & 6.8621 & 6.7282 & 6.5982 & 6.4720 & 6.3494 & 6.2303 & 6.1145 & 6.0021 & 5.8927 & 5.7864 & 5.6830 & 5.5824 & 5.4845 & 5.3893 & 5.2966 & 5.2064 & 5.1185 & 5.0330 & 4.9496 & 4.8684 \\ \hline 8 & 7.8230 & 7.6517 & 7.4859 & 7.3255 & 7.1701 & 7.0197 & 6.8740 & 6.7327 & 6.5959 & 6.4632 & 6.3346 & 6.2098 & 6.0888 & 5.9713 & 5.8573 & 5.7466 & 5.6392 & 5.5348 & 5.4334 & 5.3349 \\ \hline 9 & 8.7791 & 8.5660 & 8.3605 & 8.1622 & 7.9709 & 7.7861 & 7.6077 & 7.4353 & 7.2688 & 7.1078 & 6.9522 & 6.8017 & 6.6561 & 6.5152 & 6.3789 & 6.2469 & 6.1191 & 5.9952 & 5.8753 & 5.7590 \\ \hline 10 & 9.7304 & 9.4713 & 9.2222 & 8.9826 & 8.7521 & 8.5302 & 8.3166 & 8.1109 & 7.9127 & 7.7217 & 7.5376 & 7.3601 & 7.1888 & 7.0236 & 6.8641 & 6.7101 & 6.5613 & 6.4177 & 6.2788 & 6.1446 \\ \hline 11 & 10.6770 & 10.3676 & 10.0711 & 9.7868 & 9.5142 & 9.2526 & 9.0016 & 8.7605 & 8.5289 & 8.3064 & 8.0925 & 7.8869 & 7.6890 & 7.4987 & 7.3154 & 7.1390 & 6.9690 & 6.8052 & 6.6473 & 6.4951 \\ \hline 12 & 11.6189 & 11.2551 & 10.9075 & 10.5753 & 10.2578 & 9.9540 & 9.6633 & 9.3851 & 9.1186 & 8.8633 & 8.6185 & 8.3838 & 8.1587 & 7.9427 & 7.7353 & 7.5361 & 7.3447 & 7.1607 & 6.9838 & 6.8137 \\ \hline 13 & 12.5562 & 12.1337 & 11.7315 & 11.3484 & 10.9832 & 10.6350 & 10.3027 & 9.9856 & 9.6829 & 9.3936 & 9.1171 & 8.8527 & 8.5997 & 8.3577 & 8.1258 & 7.9038 & 7.6910 & 7.4869 & 7.2912 & 7.1034 \\ \hline 14 & 13.4887 & 13.0037 & 12.5434 & 12.1062 & 11.6909 & 11.2961 & 10.9205 & 10.5631 & 10.2228 & 9.8986 & 9.5896 & 9.2950 & 9.0138 & 8.7455 & 8.4892 & 8.2442 & 8.0101 & 7.7862 & 7.5719 & 7.3667 \\ \hline 15 & 14.4166 & 13.8651 & 13.3432 & 12.8493 & 12.3814 & 11.9379 & 11.5174 & 11.1184 & 10.7395 & 10.3797 & 10.0376 & 9.7122 & 9.4027 & 9.1079 & 8.8271 & 8.5595 & 8.3042 & 8.0607 & 7.8282 & 7.6061 \\ \hline 16 & 15.3399 & 14.7179 & 14.1313 & 13.5777 & 130550 & 12.5611 & 12.0941 & 11.6523 & 11.2340 & 10.8378 & 10.4622 & 10.1059 & 9.7678 & 9.4466 & 9.1415 & 8.8514 & 8.5753 & 8.3126 & 8.0623 & 7.8237 \\ \hline 17 & 16.2586 & 15.5623 & 14.9076 & 14.2919 & 13.7122 & 13.1661 & 12.6513 & 12.1657 & 11.7072 & 11.2741 & 10.8646 & 10.4773 & 10.1106 & 9.7632 & 9.4340 & 9.1216 & 8.8252 & 8.5436 & 8.2760 & 8.0216 \\ \hline 18 & 17.1728 & 16.3983 & 15.6726 & 14.9920 & 14.3534 & 13.7535 & 13.1897 & 12.6593 & 12.1600 & 11.6896 & 11.2461 & 10.8276 & 10.4325 & 10.0591 & 9.7060 & 9.3719 & 9.0555 & 8.7556 & 8.4713 & 8.2014 \\ \hline 19 & 18.0824 & 17.2260 & 16.4262 & 15.6785 & 14.9789 & 14.3238 & 13.7098 & 13.1339 & 12.5933 & 12.0853 & 11.6077 & 11.1581 & 10.7347 & 10.3356 & 9.9591 & 9.6036 & 9.2677 & 8.9501 & 8.6496 & 8.3649 \\ \hline 20 & 18.9874 & 18.0456 & 17.1686 & 16.3514 & 15.5892 & 14.8775 & 14.2124 & 13.5903 & 13.0079 & 12.4622 & 11.9504 & 11.4699 & 11.0185 & 10.5940 & 10.1945 & 9.8181 & 9.4633 & 9.1285 & 8.8124 & 8.5136 \\ \hline 21 & 19.8880 & 18.8570 & 17.9001 & 17.0112 & 16.1845 & 15.4150 & 14.6980 & 14.0292 & 13.4047 & 12.8212 & 12.2752 & 11.7641 & 11.2850 & 10.8355 & 10.4135 & 10.0168 & 9.6436 & 9.2922 & 8.9611 & 8.6487 \\ \hline 22 & 20.7841 & 19.6604 & 18.6208 & 17.6580 & 16.7654 & 15.9369 & 15.1671 & 14.4511 & 13.7844 & 13.1630 & 12.5832 & 12.0416 & 11.5352 & 11.0612 & 10.6172 & 10.2007 & 9.8098 & 9.4424 & 9.0969 & 8.7715 \\ \hline 23 & 21.6757 & 20.4558 & 19.3309 & 18.2922 & 17.3321 & 16.4436 & 15.6204 & 14.8568 & 14.1478 & 13.4886 & 12.8750 & 12.3034 & 11.7701 & 11.2722 & 10.8067 & 10.3711 & 9.9629 & 9.5802 & 9.2209 & 8.8832 \\ \hline 24 & 22.5629 & 21.2434 & 20.0304 & 18.9139 & 17.8850 & 16.9355 & 16.0584 & 15.2470 & 14.4955 & 13.7986 & 13.1517 & 12.5504 & 11.9907 & 11.4693 & 10.9830 & 10.5288 & 10.1041 & 9.7066 & 9.3341 & 8.9847 \\ \hline 25 & 23.4456 & 22.0232 & 20.7196 & 19.5235 & 18.4244 & 17.4131 & 16.4815 & 15.6221 & 14.8282 & 14.0939 & 13.4139 & 12.7834 & 12.1979 & 11.6536 & 11.1469 & 10.6748 & 10.2342 & 9.8226 & 9.4376 & 9.0770 \\ \hline 26 & 24.3240 & 22.7952 & 21.3986 & 20.1210 & 18.9506 & 17.8768 & 16.8904 & 15.9828 & 15.1466 & 14.3752 & 13.6625 & 13.0032 & 12.3924 & 11.8258 & 11.2995 & 10.8100 & 10.3541 & 9.9290 & 9.5320 & 9.1609 \\ \hline 27 & 25.1980 & 23.5596 & 22.0676 & 20.7069 & 19.4640 & 18.3270 & 17.2854 & 16.3296 & 15.4513 & 14.6430 & 13.8981 & 13.2105 & 12.5750 & 11.9867 & 11.4414 & 10.9352 & 10.4646 & 10.0266 & 9.6183 & 9.2372 \\ \hline 28 & 26.0677 & 24 & 267 & 2 & 649 & 441 & 1 & 6631 & 29 & 8981 & 14 & 13.4062 & 165 & .1371 & 734 & 0511 & 5665 & .1161 & 9.6971 & 9.3066 \\ \hline 29 & 26.9330 & 25.0658 & 23.3761 & 21.8444 & 20.4535 & 19.1885 & 18.0358 & 16.9837 & 16.0219 & 15.1411 & 14.3331 & 135907 & 12.9075 & 12.2777 & 11.6962 & 11.1584 & 10.6603 & 10.1983 & 9.7690 & 9.3696 \\ \hline 30 & 27.7941 & 25.8077 & 24.0158 & 22.3965 & 20.9303 & 19.6004 & 18.3920 & 17.2920 & 16.2889 & 15.3725 & 14.5337 & 13.7648 & 13.0587 & 12.4090 & 11.8104 & 11.2578 & 10.7468 & 10.2737 & 9.8347 & 9.4269 \\ \hline 31 & 28.6508 & 26.5423 & 24.6461 & 22.9377 & 2133954 & 20.0004 & 18.7363 & 17.5885 & 16.5444 & 15.5928 & 14.7239 & 13.9291 & 13.2006 & 12.5318 & 11.9166 & 11.3498 & 10.8266 & 10.3428 & 9.8947 & 9.4790 \\ \hline 32 & 29.5033 & 27.2696 & 25.2671 & 23.4683 & 21.8492 & 20.3888 & 19.0689 & 17.8736 & 16.7889 & 15.8027 & 14.9042 & 14.0840 & 13.3339 & 12.6466 & 12.0155 & 11.4350 & 10.9001 & 10.4062 & 9.9495 & 9.5264 \\ \hline 33 & 30.3515 & 27.9897 & 25.8790 & 23.9886 & 22.2919 & 20.7658 & 19.3902 & 18.1476 & 17.0229 & 16.0025 & 15.0751 & 14.2302 & 13.4591 & 12.7538 & 12.1074 & 11.5139 & 10.9678 & 10.4644 & 9.9996 & 9.5694 \\ \hline 34 & 31.1955 & 28.7027 & 26.4817 & 24.4986 & 22.7238 & 21.1318 & 19.7007 & 18.4112 & 17.2468 & 16.1929 & 15.2370 & 14_3681 & 13.5766 & 12.8540 & 12.1929 & 11.5869 & 11.0302 & 10.5178 & 10.0453 & 9.6086 \\ \hline 35 & 32.0354 & 29.4086 & 27.0756 & 24.9986 & 23.1452 & 21.4872 & 20.0007 & 18.6646 & 17.4610 & 16.3742 & 15.3906 & 14.4982 & 13.6870 & 12.9477 & 12.2725 & 11.6546 & 11.0878 & 10.5668 & 10.0870 & 9.6442 \\ \hline 36 & 32.8710 & 30.1075 & 27.6607 & 25.4888 & 23.5563 & 21.8323 & 20.2905 & 18.9083 & 17.6660 & 16.5469 & 15.5361 & 14.6210 & 13.7906 & 13.0352 & 12.3465 & 11.7172 & 11.1408 & 10.6118 & 10.1251 & 9.6765 \\ \hline 37 & 33.7025 & 30.7995 & 28.2371 & 25.9695 & 23.9573 & 22.1672 & 20.5705 & 19.1426 & 17.8622 & 16.7113 & 15.6740 & 14.7368 & 13.8879 & 13.1170 & 12.4154 & 11.7752 & 11.1897 & 10.6530 & 10.1599 & 9.7059 \\ \hline 38 & 34.5299 & 31.4847 & 28.8051 & 26.4406 & 24.3486 & 22.4925 & 20.8411 & 19.3679 & 18.0500 & 16.8679 & 15.8047 & 14.8460 & 13.9792 & 13.1935 & 12.4794 & 11.8289 & 11.2347 & 10.6908 & 10.1917 & 9.7327 \\ \hline 39 & 35.3531 & 32.1630 & 29.3646 & 26.9026 & 24.7303 & 22.8082 & 21.1025 & 19.5845 & 18.2297 & 17.0170 & 15.9287 & 14.9491 & 14.0650 & 13.2649 & 12.5390 & 11.8786 & 11.2763 & 10.7255 & 10.2207 & 9.7570 \\ \hline 40 & 36.1722 & 32.8347 & 29.9158 & 27.3555 & 25.1028 & 23.1148 & 21.3551 & 19.7928 & 18.4016 & 17.1591 & 16.0461 & 15.0463 & 14.1455 & 13.3317 & 12.5944 & 11.9246 & 11.3145 & 10.7574 & 10.2472 & 9.7791 \\ \hline 41 & 36.9873 & 33.4997 & 30.4590 & 27.7995 & 25.4661 & 23.4124 & 21.5991 & 19.9931 & 18.5661 & 17.2944 & 16.1575 & 15.1380 & 14.2212 & 13.3941 & 12.6460 & 11.9672 & 11.3498 & 10.7866 & 10.2715 & 9.7991 \\ \hline 42 & 37.7983 & 34.1581 & 30.9941 & 28.2348 & 25.8206 & 23.7014 & 21.8349 & 20.1856 & 18.7235 & 17.4232 & 16.2630 & 15.2245 & 14.2922 & 13.4524 & 12.6939 & 12.0067 & 11.3823 & 10.8134 & 10.2936 & 9.8174 \\ \hline 43 & 38.6053 & 34.8100 & 31.5212 & 28.6616 & 26.1664 & 23.9819 & 22.0627 & 20.3708 & 18.8742 & 17.5459 & 16.3630 & 153062 & 14.3588 & 13.5070 & 12.7385 & 12.0432 & 11.4123 & 10.8380 & 10.3138 & 9.8340 \\ \hline 44 & 39.4082 & 35.4555 & 32.0406 & 29.0800 & 26.5038 & 24.2543 & 22.2828 & 20.5488 & 19.0184 & 17.6628 & 16.4579 & 15.3832 & 14.4214 & 13.5579 & 12.7800 & 12.0771 & 11.4399 & 10.8605 & 10.3322 & 9.8491 \\ \hline 45 & 40.2072 & 36.0945 & 32.5523 & 29.4902 & 26.8330 & 24.5187 & 22.4955 & 20.7200 & 19.1563 & 17.7741 & 16_5477 & 15.4558 & 14.4802 & 13.6055 & 12.8186 & 12.1084 & 11.4653 & 10.8812 & 10.3490 & 9.8628 \\ \hline 46 & 41.0022 & 36.7272 & 33.0565 & 29.8923 & 27.1542 & 24.7754 & 22.7009 & 20.8847 & 19.2884 & 17.8801 & 16.6329 & 15.5244 & 14.5354 & 13.6500 & 12.8545 & 12.1374 & 11.4888 & 10.9002 & 10.3644 & 9.8753 \\ \hline 47 & 41.7932 & 37.3537 & 33.5532 & 30.2866 & 27.4675 & 25.0247 & 22.8994 & 21.0429 & 19.4147 & 17.9810 & 16.7137 & 15.5890 & 14.5873 & 13.6916 & 12.8879 & 12.1643 & 11.5104 & 10.9176 & 10.3785 & 9.8866 \\ \hline 48 & 42.5803 & 37.9740 & 34.0426 & 30.6731 & 27.7732 & 25.2667 & 23.0912 & 21.1951 & 19.5356 & 18.0772 & 16.7902 & 15.6500 & 14.6359 & 13.7305 & 12.9190 & 12.1891 & 11.5303 & 10.9336 & 10.3913 & 9.8969 \\ \hline 49 & 43.3635 & 38.5881 & 34.5247 & 31.0521 & 28.0714 & 25.5017 & 23.2766 & 21.3415 & 19.6513 & 18.1687 & 16.8628 & 15.7076 & 14.6816 & 13.7668 & 12.9479 & 12.2122 & 11.5487 & 10.9482 & 10.4030 & 9.9063 \\ \hline 50 & 44.1428 & 39.1961 & 34.9997 & 31.4236 & 28.3623 & 25.7298 & 23.4556 & 21.4822 & 19.7620 & 18.2559 & 16.9315 & 15.7619 & 14.7245 & 13.8007 & 12.9748 & 12.2335 & 11.5656 & 10.9617 & 10.4137 & 9.9148 \\ \hline \end{tabular} Present value of $1 at end of period