Chang Consulting, Inc., has a $15,000 overdue debt with Supplier No. 1. The company is low on cash, with only $4,000 in the checking account and does not want to borrow any more cash. Supplier No. 1 agrees to settle the account in one of two ways: Option 1: Pay $4,000 now and $18,750 when some large projects are finished, two years from today. Option 2: Pay $25,000 three years from today, when even larger projects are finished. Assuming that the only factor in the decision is the cost of money ( 8%. What is the present value of option 2 ? \begin{tabular}{|r|} \hline 19,845 \\ \hline 20,000 \\ \hline 23,210 \\ \hline 19,000 \\ \hline \end{tabular}