A company must make a choice between two investment alternatives. Alternative 1 will return the company $30,000 at the end of three years and $70,000 at the end of seven years. Alternative 2 will return the company $6,000 at the end of each of the next seven years. The company normally expects to earn a rate of return of 6% on funds invested. Compute the present value of each alternative and determine the preferred alternative according to the discounted cash flow criterion. The present value of Alternative 1 is $. (Round the final answer to the nearest dollar as needed. Round all intermediate values to six decimal places as needed.)