Your son has been accepted into college. This college guarantees that yourson's tuition will not increase for the four years he attends college. The first$8,500tuition payment is due in six months. Afterthat, the same payment is due every six months until you have made a total of eight payments. The college offers a bank account that allows you to withdraw money every six months and has a fixed APR of4 %(semiannual) guaranteed to remain the same over the next four years. How much money must you deposit today if you intend to make no further deposits and would like to make all the tuition payments from thisaccount, leaving the account empty when the last payment ismade?

If4%APR(semiannual) implies a semiannual discount rate of 2%

What is the amount that you need to deposit is ?