In nine years, when he is discharged from the Air Force, Steve wants to buy an $17,000 power boat.

Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using tables.

Required:

What lump-sum amount must Steve invest now to have the $17,000 at the end of nine years if he can invest money at: (Round your final answer to the nearest whole dollar amount.)

In nine years, when he is discharged from the Air Force, Steve wants to buy an $17000 power boat. Click here to view Exhibit 13B-1 and Exhibit 13B-2, to determine the appropriate discount factor(s) using tables. Required: What lump-sum amount must Steve invest now to have the $17,000 at the end of nine years if he can invest money at: (Round your final answer to the nearest whole dollar amount.) Present Value 1. Eight percent 2. Eleven percent