Peter wishes to create a retirement fund from which he can draw $$40,000$ when he retires and the same amount at

each anniversary of his retirement for $20$ years. He plans to retire $15$ years from now. What investment need he

make today if he can get a return of $6\%$ per year, compounded annually?

Do not round the intermediate calculations, but round your final answer to two decimal places.

Peter needs to invest $