If Thomas has a 37 percent tax rate and a 7 percent after-tax rate of return, $78,500 of income in five years will cost him how much tax in today's dollars? Use Exhibit 3.1. (Round discount factor(s) to three decimal places.)

		$29,045.
		$78,500.
		None of the choices are correct.
		$57,646.
		$20,709.