Given a 5 percent interest rate, compute the year 2 present value (PV at year 2) of deposits made in years 3, 5, 6, and 7 of $1,000, $1,300, $1,300, and $1,400 respectively. (Do not round intermediate steps. Round final answer to 2 decimal places. Do not include any unit.)

Please provide formula and calculations for the answer.