Most scholarships are established by making a one time deposit into an account. The scholarship money is then taken from the earned interest on the account at the end of each investment year. How much money should you deposit into an account earning an annual interest rate of $5.434 \%$ compounded continuously to establish an annual scholarship worth $\$700.00$?

(Note: Your answer should have a dollar sign and be accurate to two decimal places)

Hint: