Megan wants to buy a designer handbag and plans to earn the money from babysitting. Suppose the interest rate is 7% and she is willing to wait one year to purchase the bag. How much babysitting money will she need to earn today to buy the bag for $550 one year from now? (Enter just the number in dollars without the $ sign or a comma and round off decimals to the closest integer, i.e., rounding $30.49 down to $30 and rounding $30.50 up to $31.)