Company XYZ would like to expand its operations into international markets in about eight years. Opportunities to expand domestically are limited so XYZ decides to invest a portion of its annual operating cash flows in low-risk certificates of deposit that pay an annual interest rate of 5%. Assuming that Company XYZ has $9,000 available to invest at the end of each year for the next eight years, how much cash will it have to invest in its international expansion at the end of eight years?

(Hint: the above problem is equivalent to finding the future value of a $9,000 annuity at 5% annual interest).