A company anticipates incremental net income (i.e., incremental taxable income) of $39,000 in year 3 of a project. The company's tax rate is 30% and its after-tax discount rate is 8%.

Click here to view Exhibit 14B-1 to determine the appropriate discount factor(s) using table.

The present value of this future cash flow is closest to: (Round your final answer to the nearest whole number.)

Multiple Choice

• $11,700

• $9,290

• $27,300

• $21,676