If Thomas has a 28% tax rate and a 6% after-tax rate of return, $65,000 of income in five years will cost him how much tax in today's dollars? Use Exhibit 3.1. (Round present and future value factor(s) to 3 decimal places.)

Multiple Choice

$65,000.

$18,200.

$49,230.

$13,595.

None of the choices are correct.