Danilo would like to set aside some funds today for his newborns' school fees. His twins will commence school in exactly 5 years' time. For each child, he anticipates he will need to pay $12,000 per annum for the first seven years from Kindergarten to Year 6 and then $23,000 per annum for another six years as they complete high school. Fees are payable at the beginning of each year. Danilo could earn 8% p.a. compounded semi-annually on his bank account. How much money altogether should Danilo set aside today so that he can afford to pay these school fees?