complete the following using present value. (Use the Table provided.) (Do not round intermediate calculations. Round the "Rate used" to the nearest tenth percent. Round the "PV factor" to 4 decimal places and final answer to the nearest cent.)

					On PV Table 12.3
Amount desired at end of period	Length of time	Rate		Compounded	Period used	Rate used		PV factor used	PV of amount desired at end of period
$7,000	8 years	6	%	semiannually			%