Assume Florida Hospital has just approved a $200,000 annual (per year) bonus to retain its top cardiac surgeon. Assume that $200,000 will be paid to the surgeon as a bonus at the end of each year for eight years. Florida Hospital wants to invest a lump sum now in order to have enough money to cover the bonus over the eight-year period. Assume the hospital can earn a 6 percent stated annual rate of return on its investment, compounded monthly. What amount would Florida Hospital need to invest now in order to have enough money to pay the annual bonus to the surgeon at the end of each of the next eight years?