(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: $1,600 today, $9,000 in 11 years, or $29,000 in 26 years. Assuming that you can earn 16 percent on your money, which should you choose? If you are offered $9,000 in 11 years and you can earn 16 percent on your money, what is the present value of $9,000? $ (Round to the nearest cent.)