The Following Investment Requires Table Factors for Periods Beyond the Table

The following investment requires table factors for periods beyond the table. Create the new table factor, rounded to five decimal places, and calculate the present value, rounding to the nearest cent. $$\begin{array} { l l l l l l } & \text { Term of } & \text { Nominal } & \text { Interest } & \text { New Table } & \text { Present } \\\text { Principal } & \text { Investment } & \text { Rate } & \text { Compounded } & \text { Factor } & \text { Value } \\\$ 1,600 & 11 \text { years } & 6 \% & \text { quarterly } &--------- & ----------\\\end{array}$$