help pleasee #22

A generous benefactor invested money in a scholarship fund five years ago at an interest rate of 5.00 percent. Every year, the fund awards $40,000 in scholarships to worthy college students. How much did this benefactor deposit into the account initially? Assume all interest is paid out annually but the principal amount remains untouched. Please record your answer using the following format (1407.00). Record your answer to two decimal places. Do NOT place a "\$" in front of the number. Finally, do not use a comma to separate hundreds from thousands. Do not type the parentheses: just type the number! Your