Bob, an engineer, decided to start a college fund for his son. Bob will deposit a series of equal, semiannual cash flows with each deposit equal to $1500. Bob made the first deposit on July 1, 1998 and will make the last deposit on July 1, 2018. Joe, a friend of Bob's, received an inheritance on April 1, 2003, and has decided to begin a college fund for his daughter. Joe wants to send his daughter to the same college as Bob's son. Therefore, Joe needs to accumulate the same amount of money on July 1, 2018, as Bob will have accumulated from his semiannual deposits. Joe never took engineering economics and had no idea how to determine the amount that should be deposited. He decided to deposit $40,000 on July 1, 2003. Will Joe's deposit be sufficient? If not, how much should he have put in? Use a nominal interest of 7% with semiannual compounding on all accounts.