(Present value of annuities and complex cash flows) You are given three investment alternatives to analyze. The cash flows from these three investments are as follows: Investment B End of Year 1 $ 21,000 2 3 4 A $ 16,000 16,000 16,000 16,000 16,000 5 6 63,000 $ 16,000 16,000 16,000 16,000 7 8 a. What is the present value of investment A at an annual discount rate of 19 percent? (Round to the nearest cent.)