(Related to Checkpoint 5.4) (Present-value comparison) You are offered $80,000 today or $400,000 in 12 years. Assuming that you can earn 14 percent on your money, which should you choose? If you are offered $400,000 in 12 years and you can earn 14 percent on your money, what is the present value of $400,000? (Round to the nearest cent.)