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Exercise 14A-3(Algo) Basic Present Value Concepts [L014-7] In six years, when he is...

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Accounting

Exercise 14A-3(Algo) Basic Present Value Concepts [L014-7]
In six years, when he is discharged from the Air Force, Steve wants to buy a $28,000 power boat.
Click here to view Exhibit 14B-1 and Exhibit 14B-2, to determine the appropriate discount factor(s) using tables.
Required:
What lump-sum amount must Steve invest now to have $28,000 at the end of six years if he can invest money at: Note: Round your final answer to the nearest whole dollar amount.
\table[[,Present Value],[1. Nine percent,],[2. Eleven percent,]]
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