Amount to be invest at the BEGINNING of each year = PV of Annuity = P*[1-{(1+i)^-n}]/i

Note: For the purpose of calculation (so that formula can be applied), it will be considered that amount will be received for 35 periods at the end of each 2 months starting from 2 months from now, and we will also add an additional annuity that will be received today. Effectively, we have a total of PV of next 35 installments and today’s installment.

Where, PV = $30358, i = Interest Rate = 0.134/6 = 0.02233, n = Number of Periods = (6*6)-1 = 35

Therefore,

30358 = P*[1-{(1+0.02233)^-35}]/0.02233 + P

30358 = P*24.107655 + P

30358 = 25.107655P

Therefore, P = 30358/25.107655 = $1209.11