Al Vincent has decided to retire to Arizona in 11 years. What amount should Al invest today so that he will be able to withdraw $23,000 at the end of each year for 16 years after he retires? Assume he can invest the money at 7% interest compounded annually. (Use the Table 13.2 and Table 12.3.) (Do not round intermediate calculations. Round your answer to the nearest cent.)

present Value -

TABLE 13-2 Presentate of an annuity of 51 Period BE 8% 16 10 SEI SI RED 09174 0.0001 0900902 65050 CERS VICCI SI CYCHE 4 LORE GODE 2352 2:07 3512 POLE SE 0903 G FAS IC SOE SEE 1 CS 44220 SEA 33121 39827 40229 52064 5746 0.749 101 70 7036 7.00 is COES 10 11 SOS 4% 7% 0970 19534 14 13314 2 2.834 2751 27222 2.6730 TITA 154 34651 33872 41134 EST 41 43255 2124 41000 6014 50767 49173 TES 64720 02103 60001 570 53 70197 6722 54632 5.2002 59713 Y, 439 1107 CHOVY 55112 0026 100 7.7217 13601 7023 1786 9.3520 04 7 7.4987 TOSTS 35 8383 11.14 106350 112 2960 TAS 2 Th11 103 97122 9.107 110 1010 13.1051 12.0 12761 104773 13.755 26000 13610090 1667 12 12 0312402 111000 1973 156 13 14 15 22 190000 170203 13764 12 000 2730422114 1971001 152717 11422572 21401676191001 1500 con LES PII SCO S 59176 CE KROZ 2511324BCO 2017 1018 3229731 1103 30 04 1114 503304864 47122 40 SEHEN 4967 5.9952 550 6417261646 56 2008 710017 643 TAO1034 7400 7785277 3000 700 . 1721 73793 D ES RO 755 2014 70 15. 1315 990770 103 36030 10797700011 TOT 140111 2045 1 COLE LEON CARE SO con DO 6061 16 B2514 1316 DD 6.72 CE TE 00667 GE COSO INTE TORE RE CEOITE SIN TO TRESS DOCEL GEBOTE RE OC 10 GA 112578 11 12,305 DER LO 1100 00 OE 000 PEL 1741 11 LE THE ME TI CE SO ISCE NE LITE LE 21 WE HE To 79 SI E OK CH TH OL ORCE CI 20 10 CE COM SIE the NE CH DO SCH w 100 AN NE NE TABLE 123