Chapter 11.II, Problem 12RE

The following investments require table factors for periods beyond the table. Create the new table factor rounded to five places and calculate the present value for each.

$\frac{\begin{array}{l}\text{Compound}\\ \text{Amount}\end{array}}{\text{\$33,000}}\frac{\begin{array}{l}\text{Term}\text{of}\\ \text{Investment(years)}\end{array}}{\text{38}}\frac{\begin{array}{l}\text{Nominal}\\ \text{Rate(\%)}\end{array}}{7}\frac{\begin{array}{l}\text{Interest}\\ \text{Compounded}\end{array}}{\text{annually}}\frac{\begin{array}{l}\text{New Table}\\ \text{Value}\end{array}}{\_\_\_\_\_\_}\frac{\begin{array}{l}\text{Present}\\ \text{Value}\end{array}}{\_\_\_\_\_}$