An investor purchased an eight-year financial instrument having the following features. The investor receives payments of $10,000 at the end of each year for eight years. These payments earn interest at an effective rate of 5% per year but the interest can only be reinvested at a rate of 3.5% per year. Calculate the purchase price to produce an annual yield of 6% over the eight years. PLEASE SHOW ALL STEPS! Answer is $59,619.29