An obligation can be settlod by making a payment of $15,000 now and a final payment of $5,000 in three years (Alternative 1 ). Alternatively, the obligation can be settled by payments of $1,600 at the end of every six months for eight years (Altemative 2). Interest is 10% compounded semi-annually. Compute the present value of each alternative and determine the preferred alternative according to the discounted cash flow criterion. The present value of Altemative 1 is $ (Round to the nearesi dollar as needed. Round all intermediate values to six decimal places as needed.)