Juanita Domingo's parents want to establish a college trust for her. They want to make 16 quarterly withdrawals of $1500, with the first withdrawal 3 months from now. If money is worth 6.3%, compounded quarterly, how much must be deposited now to provide for this trust?

(a) Decide whether the problem relates to an ordinary annuity or an annuity due.

(b) Solve the problem. (Round your answer to the nearest cent.) $