A company must make a choice between two investment alternatives. Alternative 1 will return the company $35,000 at the end of two years and $40,000 at the end of seven years. Alternative 2 will return the company $12,000 at the end of each of the next seven years. The company normally expects to earn a rate of return of 15% 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.)