In four years, when he is discharged from the Air Force, Steve wants to buy a $19,000 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 $19,000 at the end of four years if he can invest money at:

1. Present Value at Seven percent ?
2. Present Value at Eleven Percent ?

Note: Round your final answer to the nearest whole dollar amount.