Exercise $14$A$-3($Algo$)$ Basic Present Value Concepts $[$L$014-7]$

In six years, when he is discharged from the Air Force, Steve wants to buy a $$28,000$ power boat.

Click here to view Exhibit $14$B$-1$ and Exhibit $14$B$-2,$ to determine the appropriate discount factor$($s$)$ using tables.

Required:

What lump$-$sum amount must Steve invest now to have $$28,000$ at the end of six years if he can invest money at: Note: Round your final answer to the nearest whole dollar amount.

$\backslash$table$[[,$Present Value$],[1.$ Nine percent,$],[2.$ Eleven percent,$]]$