Larry Mattingly turned 20 years old today. His grandfather had established a trust fund that will pay him $86,000 on his next birthday. However, Larry needs money today to start his college education, and his father is willing to help. Mr. Mattingly has agreed to give Larry the present value of the $86,000 future cash inflow, assuming a 8 percent rate of return. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.)

Required a. Determine the amount of cash that Larry Mattingly's father should give him. (Round your final answer to the nearest whole dollar value.)

TABLE 1 PRESENT VALUE OF $1 n 4% 1 0.961538 0.924556 3 0.888996 4 0.854804 5 0.821927 6 0.790315 7 0.759918 8 0.730690 9 0.702587 10 0.675564 11 0.649581 12 0.624597 13 0.600574 14 0.577475 15 0.555265 16 0.533908 17 0.513373 18 0.493628 190.474642 20 0.456387 5% 6% 7% 8% 9% 10% 12% 0.952381 0.943396 0.934579 0.925926 0.917431 0.909091 0.892857 0.907029 0.889996 0.873439 0.857339 0.841680 0.826446 0.797194 0.863838 0.839619 0.816298 0.793832 0.772183 0.751315 0.711780 0.822702 0.792094 0.762895 0.735030 0.708425 0.683013 0.635518 0.783526 0.747258 0.712986 0.680583 0.649931 0.620921 0.567427 0.746215 0.704961 0.666342 0.630170 0.596267 0.564474 0.506631 0.710681 0.665057 0.622750 0.583490 0.547034 0.513158 0.452349 0.6768390.627412 0.582009 0.540269 0.501866 0.466507 0.403883 0.644609 0.591898 0.543934 0.500249 0.460428 0.424098 0.360610 0.613913 0.558395 0.508349 0.463193 0.422411 0.385543 0.321973 0.584679 0.526788 0.475093 0.428883 0.387533 0.350494 0.287476 0.556837 0.496969 0.444012 0.397114 0.355535 0.318631 0.256675 0.530321 0.4688390.414964 0.367698 0.326179 0.289664 0.229174 0.505068 0.442301 0.387817 0.340461 0.299246 0.263331 0.204620 0.481017 0.417265 0.362446 0.315242 0.274538 0.239392 0.182696 0.458112 0.393646 0.338735 0.291890 0.2518700.217629 0.163122 0.436297 0.371364 0.316574 0.270269 0.231073 0.197845 0.145644 0.415521 0.350344 0.295864 0.250249 0.211994 0.179859 0.130040 0.395734 0.330513 0.276508 0.231712 0.194490 0.163508 0.116107 0.3768890.311805 0.2584190.214548 0.178431 0.148644 0.103667 14% 16% 20% 0.877193 0.862069 0.833333 0.769468 0.743163 0.694444 0.674972 0.640658 0.578704 0.592080 0.552291 0.482253 0.519369 0.476113 0.401878 0.455587 0.410442 0.334898 0.399637 0.353830 0.279082 0.350559 0.305025 0.232568 0.307508 0.262953 0.193807 0.269744 0.226684 0.161506 0.236617 0.195417 0.134588 0.2075590.168463 0.112157 0.182069 0.145227 0.093464 0.159710 0.125195 0.077887 0.140096 0.107927 0.064905 0.122892 0.093041 0.054088 0.107800 0.080207 0.045073 0.094561 0.069144 0.037561 0.082948 0.059607 0.031301 0.072762 0.051385 0.026084 TABLE 2 PRESENT VALUE OF AN ANNUITY OF $1 4% 5% 6% 7% 8% 9% 10% 12% 14% 16% 20% 1 0.961538 0.952381 0.9433960.934579 0.925926 0.917431 0.909091 0.892857 0.877193 0.862069 0.833333 2 1.886095 1.859410 1.8333931.808018 1.783265 1.759111 1.735537 1.690051 1.646661 1.605232 1.527778 3 2.775091 2.723248 2.673012 2.624316 2.577097 2.531295 2.486852 2.401831 2.321632 2.245890 2.106481 4 3.629895 3.545951 3.465106 3.387211 3.312127 3.239720 3.169865 3.037349 2.913712 2.798181 2.588735 5 4.451822 4.329477 4.212364 4.100197 3.992710 3.889651 3.790787 3.604776 3.433081 3.274294 2.990612 6 5.242137 5.075692 4.917324 4.766540 4.622880 4.485919 4.355261 4.111407 3.888668 3.684736 3.325510 76,002055 5.7863735.582381 5.389289 5.206370 5.032953 4.868419 4.563757 4.288305 4.038565 3.604592 8 6.732745 6.463213 6.209794 5.971299 5.7466395.534819 5.334926 4.967640 4.638864 4.343591 3.837160 9 7.4353327107822 6.801692 6.515232 6.246888 5.995247 5.759024 5.328250 4.946372 4.606544 4.030967 108.1108967721735 7.360087 7.023582 6.710081 6.417658 6.144567 5.650223 5.216116 4.833227 4.192472 11 8.760477 8.306414 7.8868757.498674 7.138964 6.805191 6.495061 5.937699 5.452733 5.028644 4.327060 12 9.385074 8.863252 8.383844 7.942686 7.536078 7160725 6.813692 6.194374 5.660292 5.197107 4.439217 13 9.985648 9.393573 8.8526838.357651 7.903776 7486904 7103356 6.423548 5.842362 5.342334 4.532681 14 10.563123 9.898641 9.294984 8.745468 8.244237 7.786150 7.366687 6.628168 6.002072 5.467529 4.610567 15 11.118387 10.379658 9.712249 9.107914 8.559479 8.060688 7.606080 6.810864 6.142168 5.575456 4.675473 16 11.652296 10.837770 10.105895 9.446649 8.851369 8.312558 7.823709 6.973986 6.265060 5.668497 4.729561 17 12.165669 11.274066 10.477260 9.763223 9.121638 8.543631 8.021553 7.119630 6.372859 5.748704 4.774634 18 12.659297 11.689587 10.827603 10.059087 9.371887 8.755625 8.201412 7.249670 6.467420 5.817848 4.812195 1913.133939 12.085321 11.158116 10.335595 9.6035998.905115 8.364920 7.365777 6.550369 5.877455 4.843496 20 13.590326 12.462210 11.469921 10.594014 9.818147 9.128546 8.513564 7.469444 6.623131 5.928841 4.869580