Stacy Monroe wants to a fund today that will enable her to withdraw $31,300 per year for 7 years, with the first withdrawal to take place 5 years from today.

If the fund earns 11% interest, how much must Stacy invest today? (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 458,581.)

Investment amount

$