A company must make a choice between two investment alternatives. Alternative $1$ will return the company $$20,000$ at the end of four

years and $$76,000$ at the end of seven years. Alternative $2$ will return the company $$13,500$ at the end of each of the next seven years.

The company normally expects to eam a rate of return of $18\%$ 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.$)$