Question: Your client just received an endowment and placed this money in a savings account at an annual rate of 9.75 percent. He is going to

Your client just received an endowment and placed this money in a savings account at an annual rate of 9.75 percent. He is going to withdraw the following cash flows for the next five years.

End of year 1. $1,697 2. $5,006 3. $4,679 4. $1,648 5. $1,247

How much is the endowment that your client received?

Round the answer to two decimal places.

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