1. On January 1 of this year, Shannon Company completed the following transactions (assume a 9% annual interest rate): (FV of $1,PV of $1,FVA of $1, andPVA of $1)Decided to deposit a single sum in the bank that will provide 9 equal annual year-end payments of $40,400 to a retired employee (payments starting December 31 of this year).

What single sum must be deposited in the bank on January 1 of this year?