Billy Ray bas an investment that will pay $42,000 in 8 years. If the appropriate discount rate is 6.4 percent compounded daily, what is the present value? (Use 365 days a year. Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

Multiple Choice

• $22,458.35

• $25,171.55

• $23,148.20

• $21,279.26

• $24,378.96