Please include formulas used/explanations, I would like to understand the material for exams! Thank you :)

4. (2 points) Today is Jose's 5th birthday. His parents wish to set up a trust fund that will pay $20,000 to Jose when he turns 18 and $15,000 to him when he turns 25. If this account will pay an annual nominal rate of interest of 9% compounded semiannually, what amount must his parents invest now in the trust fund to be able to make these future payments? Round to two decimal places