How much would you need to deposit in a savings account that earns 8%, compounded annually, to withdraw $31,000 eight years from now? (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor from the PV tables. Round your final answer to the nearest whole dollar amount.)

• $27,762

• $27,670

• $81,440

• $16,749