23. If Joel earns a 12 percent after-tax rate of return, $25,000 received in two years is worth how much today? Use Exhibit 3.1.

a) 25,000

b) 22,090

c) 19,925

d) 28,000

e) none of the choices are correct

24. Assume that Javier is indifferent between investing in a city of El Paso bond that pays 3.55 percent interest and a corporate bond that pays 5.4 percent interest. What is Javier's marginal tax rate?

A) 104.22%

B) 54.26 %

C) 44.26 %

D) 34.26%

E) None of the choices are correct

EXHIBIT 3-1 Present Value of a Single Payment at Various Annual Rates of