Question: To join an upscale country club, an individual must first purchase a membership bond for $20,000. In addition, monthly membership dues are $250. Suppose an individual wants to put aside a lump sum of money now to pay for her basic country club membership expenses (including the $20,000 bond) over the next 30 years. She can earn an APR of 6%, compounded monthly, on her investments. What amount must this person now commit to the membership?