LK Corporation hopes to withdraw $$6,000$ at the end of each year for six years from a fund that earns $8\%$ interest.

How much should the corporation invest today? Draw a timeline to illustrate the problem. Interest is compounded

annually.

$($Click the icon to view the Future Value of $$1$ table.$)$

$($Click the icon to view the Future Value of an Ordinary

Annuity table.$)$

$($Click the icon to view the Future Value of an Annuity

Due table.$)$

$)($Click the icon to view the Present Value

of $$1$ table.$)$

$($Click the icon to view the Present Value of

an Ordinary Annuity table.$)$

$($Click the icon to view the Present Value of

an Annuity Due table.$)$

How much should the corporation invest today? $($Use the present value and future value tables, a financial calculator,

a spreadsheet or the formula method for your calculations. If using present and future value tables or the

formula method, use factor amounts rounded to five decimal places, X$.$XXXXX$.$ Round your final answer to the

nearest cent, $X$.$XX$.)$

The corporation should invest

today.