Ajax Corporation has hired Brad O’Brien as its new president. Terms included the company’s agreeing to pay retirement benefits of $17,400 at the end of each semiannual period for 11 years. This will begin in 3,650 days. If the money can be invested at 8% compounded semiannually, what must the company deposit today to fulfill its obligation to Brad? (Use 365 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) (I got $119348.46 but it's incorrect)
Deposit amount $