(Present-value comparison) Much to your surprise, you were selected to appear on the TV show The Price is Pight". As a result of your prowess in identfying how many raltr of toilet paper a typical American family keeps on hand, you win the opportunity to choose one of the following $1.600 today, $12,000 in 11 years, or $23.000 in 24 yoars Any folming that you can eam 16 percent on your money, which should you choose? If you are offered $12.000 in 11 years and you can earn 16 percent on your money, what is the present yalue of $12,000? (Round to the nearest cent.)