The faculty of School of Business wants to set up an monthly scholarship of $2,800 to a qualifying student. If the money is invested atj₁₂= 7.8%and the first monthly scholarship payment is to be made exactly 4 years after the money was deposited, in commemoration of the 50th anniversary of the first opening of the school.How much do they need to deposit today?

Formulas and Calculator Instructions Provided PMT = PV xi PV PMT PV xi PMT PMI OF PV Dye PMT 1+/ FV = PV(1+1)" FV PV = (1+1)" To switch between payments at the beginning/end of the interval: . Press 2ND BGN (above the PMT key). The display should show END or BGN. . Press 2ND SET (above the ENTER key). The display should show BGN or END. Press CE/C (bottom left corner) or 2ND QUIT (top left corner) to exit the worksheet