Karen, an excutive with ABC Inc. earns $200,000 per year. She opened a family RESP for her two children Scott (aged 7) and Belinda (age 9) on March 1, 2020. Neither child has ever been a beneficiary of an RESP, Karen makes a $4197 contribution (50% for Scott and 50% for Belinda) to the plan. What will the balance in the fund be on March 1, 2021, assuming Karen makes no further contributions to the plan. These funds earned a nominal rate of 3% per year. Round your answer to the nearest dollar. Do NOT include signs (e.g., %, $).