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If Julius has a 32 percent tax rate and a 10 percent after-tax rate of return, a $36,000 tax deduction in two years will save how much tax in today's dollars? Use Exhibit 3.1. (Round discount factor(s) to three decimal places.) Multiple Choice s36,000. $9,516. $29,736. $11,520. None of the choices are correct. EXHIBIT 3-1 Present Value of a Single Payment at Various Annual Rates of Return 4% 5% 6% 7% 8% 9% 10% 11% 12% Year 1 962 952 943 935 926 917 909 901 893 Year 2 925 907 890 873 857 842 826 812 797 Year 3 .889 .864 .840 .816 | 794 772 .751 .731 .712 Year 4 .855 .823 .792 .763 735 708 .683 .659 .636 Year 5 822 784 747 .713 .681 .650 .621 593 567 Year 6 .790 .746 | .705 | .666 .630 596 564 535 507 Year 7 .760 .711 .665 .623 583 547 513 482 Year 8 .731 .677 .627 582 540 502 .467 .434 404 Year 9 .703 .645 592 544 500 460 424 391 361 Year 10 .676 614 558 508 463 .422 386 352 322 Year 11 .650 585 527 .475 .429 388 350 317 .287 Year 12 .625 .557 497 444397 Year 13 .601 530 .469 .415 368 326 290 258 229 Year 14 | .577 505 | .442 388 340 | .299 | 263 | .232 | .205 Year 15 555 .481 .417 362 315 275 239 209 183 .452