Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is $85,000 after 14 years invested in an account with 8% interest...

Extracted text: Use the present value formula to determine the amount to be invested now, or the present value needed. The desired accumulated amount is $85,000 after 14 years invested in an account with 8% interest compounded semiannually. The amount to be invested now, or the present value needed, is $ (Round to the nearest cent as needed.)