if julius has a 22% tax rate and a 12% after tax rate of return, $49,000 of income in three years will cost him how much tax in todays dollars?

EXHIBIT 3-1 Present Value of a Single Payment at Various Annual Rates of Return 4% 5% 6% 7% 8% 9% 10% 11% 12% Year 1 962 952 943 .935 .926 917 909 901 .893 Year 2 925 907 .890 .873 .857 .842 .826 .812 797 Year 3 889 .864 .840 .816 .794 .772 751 731 .712 Year 4 .855 .823 .792 .763 .735 708 .683 .659 636 Year 5 822 .784 .747 .713 .681 .650 621 593 .567 Year 6 790 746 .705 .666 .630 -596 564 535 507 Year 7 .760 711 .665 623 583 547 .513 1482 452 Year 8 .731 677 .627 582 .540 502 467 434 404 Year 9 .703 645 .592 544 500 460 424 391 361 Year 10 676 .614 558 508 .463 422 386 352 322 Year 11 -650 585 .527 475 429 388 350 317 287 Year 12 625 557 497 444 397 356 319 286 257 Year 13 601 530 469 415 368 326 290 258 229 Year 14 577 -505 442 .388 340 .299 263 232 205 Year 15 417 +81 362 315 275 209 (239 183