You want to buy a car on your 27th birthday. You have priced this car and found that it currently sells for $25,000. You believe that the price will increase by 8 percent per year until you are ready to buy. You can earn 12 percent, compounded semi-annually, on your savings for the next 7 years. If you just turned 20 years old, how much must you save every six months to be able to purchase the car in 7 years?