Poinis: $0$ of $1$

Your cousin is currently $11$ years old. She will be going to college in $7$ years. Your aunt and uncle would like to have $$110,000$ in a savings account to fund her education at that time. If the account promises to pay a fixed interest rate of $4\mathrm{.}1\%$ per year, how much money do they need to put into the account today to ensure that they will have $$110,000$ in $7$ years?

The amount they need to put away today is $ $$

$($Round to the nearest cent.$)$