What is the present value of $8,690 due 8 periods hence, discounted at 6%? (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 458,581.)

Matthew Jackson invests $48,800 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Matthew withdraws the accumulated amount of money.

Compute the amount Matthew would withdraw assuming the investment earns simple interest. (Round answers to 0 decimal places, e.g. 458,581.)