Students are so pleased with their professor that they decide to chip in and give him an annuity so that he can retire early. There are 11 students in the class and each will give $20 a month, for 5 years. Being shallow and greedy, the professor states that he would rather have a lump sum now before the final grades are published. If you assume a discount rate of 5%, what amount of money would the students give the professor now that would be equivalent to the defined annuity? Assume a type 0 calculation and round to the nearest dollar