Larry Mattingly turned 20 years old today. His grandfather had established a trust fund that will pay him $79,000 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 $79,000 future cash inflow, assuming a 8 percent rate of return. (PV of $1 and PVA of $1)

Determine the amount of cash that Larry Mattingly's father should give him.