John wants to start to pay off his student loans next year (i.e. at t=1 assuming we are at t=0). He wants to pay $4000 per year over 3 years (that is, first payment in t=1, then another in t=2 and another in t=3). John wants to put aside today (i.e. at t=0) enough money to cover such payments. That is, he wants to open a bank account, make an initial deposit now (i.e. at t=0) so that the funds in this account cover the three payments. If the bank account will return 8% annual interest rate, how much should John deposit into his bank account today (i.e. at t=0) to cover the 3 instalments of loan payments? Round your answer to two decimals. Hint: use the annuity formula