
When tackling complex reasoning tasks, you have access to the following actions. Use them as needed to progress through your thought process.

[ASSESS]

[ADVANCE]

[VERIFY]

[SIMPLIFY]

[SYNTHESIZE]

[PIVOT]

[OUTPUT]

You should strictly follow the format below:

[ACTION NAME]

# Your action step 1

# Your action step 2

# Your action step 3

...

Next action: [NEXT ACTION NAME]


system
Given the parametric equation of curve C as $$\begin{cases} x= \frac {t^{2}-4}{t^{2}+4} \\ y= \frac {8t}{t^{2}+4} \end{cases}$$ (where $t$ is the parameter),
1. Find the standard equation of curve C.
2. A line $\ell$ passes through point P(0, 1) and intersects curve C at points A and B. Determine the range of values for $|PA| \cdot |PB|$.

Present the answer in LaTex format: \boxed{Your answer}
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