The present value of $41,000 to be received in one year, at 6% compounded annually, is (rounded to nearest dollar) ______ . Use the present value table in Exhibit 8.

a.$38,679

b.$41,000

c.$36,607

d.$38,318

EXHIBIT 8 Present Value of $1 at Compound Interest Periods 4% 472% 5% 0.96154 0.956940 0.95238 0.92456 0.915730 0.90703 0.88900 0.876300 0.86384 0.85480 0.838560 0.82270 0.82193 0.802450 0.78353 0.79031 0.767900 0.74622 0.75992 0.734830 0.71068 0.73069 0.7031900.67684 0.702590.672900 0.64461 0.67556 0.643930 0.61391 57% 6% 67% 0.94787 0.94340 0.93897 0.89845 0.89000 0.88166 0.85161 0.83962 0.82785 0.80722 0.792090.77732 0.76513 0.747260.72988 0.72525 0.70496 0.68533 0.68744 0.66506 0.64351 0.65160 0.62741 0.60423 0.61763 0.59190 0.56735 0.585430.55839 0.53273 7% 0.93458 0.87344 0.81630 0.76290 0.71299 0.66634 0.62275 0.58201 0.54393 0.50835 10% 11% 0.909090.90090 0.82645 0.81162 0.75131 0.73119 0.68301 0.65873 0.62092 0.59345 0.56447 0.53464 0.51316 0.48166 0.46651 0.43393 0.42410 0.39092 0.38554 0.35218 12% 0.89286 0.79719 0.71178 0.63552 0.56743 0.50663 0.45235 0.40388 0.36061 0.32197 13% 0.88496 0.78315 0.69305 0.61332 0.54276 0.48032 0.42506 0.37616 0.33288 0.29459