One business has a large amount of debt on which it pays an annual yield of $8\%.$ A competitor has no debt, and any excess money goes into the bank and earns a yield of $2\mathrm{.}3\%.$ Each of these businesses bids on a contract which pays ${?}^{\text{\$}}35,000$ in two years and three months. Indicate which company gives this contract a higher present value, and calculate the difference between these present values, rounding to the nearest dollar. $[$Hint: for both businesses the yield is treated as positive.$]$