A company must make a choice between two investment alternatives. Alternative 1 will return the company $20,000 at the end of five years and $60,000 at the end of eight years. Alternative 2 will return the company $12,000 at the end of each of the next eight 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.) The present value of Alternative 2 is $ (Round the final answer to the nearest dollar as needed. Round all intermediate values to six decimal places as needed.) The preferred alternative is