If Thomas has a 37 percent tax rate and a 9 percent after-tax rate of return, $69,500 of income in five years will cost him how much tax in today's dollars? Use Exhibit 31. (Round discount factor(s) to three decimal places.) Multiple Choice $69,500. O $25,715 $46,956. $16,715 None of the choices are correct. 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 1962 952 1943 935 1926 917 909 901 .893 Year 2 925 .907 .890 1873 .857 842 .826 .812 .797 Year 3 889 1864 .840 816 1794 772 .751 .731 .712 Year 4 .855 .823 .792 11763 735 .708 .683 659 636 Year 5 .822 .784 1747 .713 681 .650 1621 .593 .567 Year 6 1790 .746 .705 666 .630 596 .564 .535 507 Year 7 .760 .711 .665 .623 .583 .547 513 482 -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 1388 .340 .299 263 .232 .205 Year 15 .555 481 417 362 315 275 239 209 .183