Item 3 Quaker State Incorporated offers a new employee two options. First, the employee can receive a one-time signing bonus at the date of employment. Second, the employee can take $7,000 at the date of employment plus $29,000 at the end of each of his first two years of service. Assuming the employee's time value of money is 8% annually, what single payment in the first option would be equal to the total of the payments in the second option? Note: Use tables, Excel, or a financial calculator. Round your final answer to the nearest whole dollar. (FV of $1, PV of $1, FVA of $1, and PVA of $1)