1) Dmitri Chekov has learned that his great-aunt intends to give him $5,160 each year he is studying at university. Tuition must be paid in advance, so Dmitri Chekov would like to receive his payments at the beginning of each school year. How much will his great-aunt have to invest today at 7 percent, to make the four annual (start-of-year) payments?

Assume that Dmitri Chekov will be starting school in five years.

What is the amount that must be invested today