Solve by using formulas. $($Round your answer to the nearest cent.$)$

Present value $($in $$)$ of an annuity due

$\backslash$table$[[\backslash$table$[[$Annuity$],[$Payment$]],\backslash$table$[[$Payment$],[$Frequency$]],\backslash$table$[[$Time$],[$Period $($years$)]],\backslash$table$[[$Nominal$],[$Rate $(\%)]],\backslash$table$[[$Interest$],[$Compounded$]],\backslash$table$[[$Present Value$],[$of the Annuity$]]],[$$$1,600,$every year,$5,5\mathrm{.}7,$annually,$