An annuity provides...

$$700$

Beginning$-$of$-$quarter payments for the first three years.

$$400$

Beginning$-$of$-$quarter payments for the next two years.

What is the purchase price of the annuity if the interest rate is $3\mathrm{.}7\%$ compounded semi$-$annually?

$PV=$

Round your answer

to two decimal places