A bank pays 6% interest, compounded semiannually. Use the appropriate formula to find how much should be deposited (in $) now to yield an annuity payment of $700 at the beginning of each six months,...

A bank pays 6% interest, compounded semiannually. Use the appropriate formula to find how much should be deposited (in $) now to yield an annuity payment of $700 at the beginning of each six months, for 16 years. (Round your answer to the nearest cent.)