Problem $6-26$ Calculating Annuity Present Values $[$LO$1]$

Beginning three months from now, you want to be able to withdraw $$1,600$ each quarter from your bank account to cover college expenses over the next five years. If the account pays $\mathrm{.}38$ percent interest per quarter, how much do you need to have in your bank account today to meet your expense needs over the next five years?

Present Value: $\_\_\_\_\_\_\_\_\_$