22 Using the following partial table of present value of $1 at compound interest, compute the present value of $20,000 (rounded to nearest dollar) to be received one year from today, assuming an earnings rate of 15%.

Year 10% 15% 20% 1 0.909 0.870 0.833 2 0.826 0.756 0.694 3 0.751 0.658 0.579 4 0.683 0.572 0.482 5 0.621 0.497 0.402 6 0.564 0.432 0.335 7 0.513 0.376 0.279

a. $15,451

b. $17,000

c. $17,400

d. $20,000