(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: $1,100 today, 511,000 in 8 years, or $30,000 in 27 years. Assuming that you can earn 15 percent on your money, which should you choose? If you are offered $11,000 in 8 years and you can earn 15 percent on your money, what is the present value of $11,000? (Round to the nearest cent.)