You want to be able to withdraw $3500 from an account at the end of each 6-month period (that is, twice a year) for the next 5 years. How much money should you invest now into an account earning 3% interest per year, compounded every 6 months, in order to fund the desired withdrawals? Assume the account is empty after the last withdrawal is made.

Give the answer correctly to 2 decimal places.

The amount to invest now is ____ dollars.

Calculate the answer by read surrounding text.