Pat Recently Inherited a Large Amount of Money and Wants

Short Answer

Pat recently inherited a large amount of money and wants to put some away for her child's college education. Pat figures her daughter will need $28,000 for college at age 18. Her daughter is now 8 years old and Pat can invest the money at 11.1% compounded annually. How much should Pat invest now to reach her goal? (Round the answer to the nearest penny.)