Evaluate the limit using the Basic Limit Laws and the limits $\underset{xc}{lim}{x}^{\frac{p}{q}}=c^{\frac{p}{q}}$ and $\underset{xc}{lim}k=k.$

$($Give an exact answer. Use symbolic notation and fractions where needed.$)$

$\underset{x8}{lim}(4x^{\frac{2}{3}}-7x^{-1})=$