20) If Julius has a 22 percent tax rate and a 11 percent after-tax rate of return, $59,500 of income in three years will cost him how much tax in today's dollars? Use Exhibit 3.1. (Round discount factor(s) to three decimal places.)

Multiple Choice

• $9,569

• $43,495

• $13,090

• $59,500

• None of the choices are correct.