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

In seven years, when he is discharged from the Air Force, Steve wants to buy a $$22,000$ 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 $$22,000$ at the end of seven years if he can invest money at:

Note: Round your final answer to the nearest whole dollar amount.