You plan to buy the sailing boat of your dreams in 5 years. It is expected to cost a total of $20 000 at that time. You have deposited $8 000 in a Certificate of Deposit paying 4% interest annually, maturing 5 years from now. Your parents have agreed to pay for all remaining expenses. If you are going to put your parents gift in an investment earning 7% over the next 5 years, how much must they deposit today, so you buy your boat 5 years from today?