Jennifer Layer has a grandson, Owen, who just turned 8. A financial planner tells Jennifer that she should plan to have $60,000 cash available for her Owens university education when he turns 18. Jennifer wants to put enough money now into an investment account for Owen to achieve what the financial planner has suggested. Jennifer found a very safe investment that guaranteed to pay her 4% (per annum) compounded quarterly for the coming 5 years. After that, it is expected that the economy condition will improve such that the interest rate will increase from 4% to 6%. To achieve her objective, how much money should Jennifer invest today in 2 decimal places?