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( Present - value comparison ) Much to your surprise, you were selected to appear on the TV show The Price is Right. As a

(Present-value comparison)Much to your surprise, you were selected to appear on the TV show "The Price is Right." As a result of your prowess in identifying how many rolls of toilet paper a typical American family keeps on hand, you win the opportunity to choose one of the following: $1 comma 500
today,$7 comma 000
in 15
years, or $29 comma 000
in 22
years. Assuming that you can earn 14
percent on your money, which should you choose?
Question content area bottom
Part 1
If you are offered $7 comma 000
in 15
years and you can earn 14
percent on your money, what is the present value of $7 comma 000
?
$enter your response here
(Round to the nearest cent.)

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