Cornies LLP must withdraw $$53,000$ at the beginning of each semiannual period for the next eight years to satisfy its employee pension obligation. Assuming $8\%$ interest with semiannual compounding, how much should the corporation invest today? Draw a timeline to illustrate the problem.

$($Click the icon to view the Future Value of $$1$ table$)$

$($Click the icon to view the Present Value of $$1$ table.$)$

$($Click the icon to view the Future Value of an Ordinary Annuity table.$)$

$($Click the icon to view the Present Value of an Ordinary Annuity table.$)$

$($Click the icon to view the Future Value of an Annuity Due table.$)$

$($Click the icon to view the Present Value of an Annuity Due table.$)$ rounded to five decimal places, $xxxxxx.$ Round your final answer to the nearest cent, $$xxx.)$

The corporation should invest today.