21.

The present value of $40,000 to be received in two years, at 12% compounded annually, is (rounded to nearest dollar) ______ . Use the present value table in Exhibit 8.

a.$35,600

b.$31,888

c.$34,938

d.$33,058

35.

The charter of a corporation provides for the issuance of 108,000 shares of common stock. Assume that 52,000 shares were originally issued and 10,100 were subsequently reacquired. What is the number of shares outstanding?

a.10,100

b.52,000

c.108,000

d.41,900