Al Vincent has decided to retire to Arizona in 11 years. What amount should Al invest today so that he will be able to withdraw $23,500 at the end of each year for 16 years after he retires? Assume he can invest the money at 6% interest compounded annually. (Use the Table 13.2 and Table 12.3.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

Present value of an annuity of $1 TABLE 12.3 Present value of $1 at end of period Note: For more detalled tables, see your booklet, the Business Moth Handbook