Use the following table to answer the question.
able[[Periods,5%,6%,7%,10%
Use the following table to answer the question Periods 5% 6% 7% 1 0.95238 0.94340 0.93458 2 0.90703 0.89000 0.87344 3 0.86384 0.83962 0.81630 4 0.82270 0.79209 0.76290 5 0.78353 0.74726 0.71299 6 0.74622 0.70496 0.66634 7 0.71068 0.66506 0.62275 8 0.67684 0.62741 0.58201
10%
60606'0
0.82645
0.75132
0.68301
0.62092
0.56447
0.51316
0.46651
6
0.64461
0.59190
0.54393
0.42410
10
0.61391
0.55840
0.50835
0.38554
What is the present value of a $62,400 to be received six years,if the market rate is 5% compounded annually? Round your answer to two decimal places.