A company must make a choice between two investment alternatives. Alternative 1 will return the company $22,000 at the end of two years and $75,000 at the end of eight years. Alternative 2 will return the company $10,000 at the end of each of the next eight years. The company normally expects to earn a rate of return of 13% 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 ?