Sam Long anticipates he will need approximately $227,000 in 11 years to cover his 3-year-old daughter’s college bills for a 4-year degree. How much would he have to invest today at an interest rate of...

Sam Long anticipates he will need approximately $227,000 in 11 years to cover his 3-year-old daughter’s college bills for a 4-year degree.

How much would he have to invest today at an interest rate of 10 percent compounded semiannually?(Do not round intermediate calculations. Round your answer to the nearest cent.)