1. The present value of $48,000 to be received in two years, at 12% compounded annually, is _____ (rounded to nearest dollar). Use the following table, if needed.

   Present Value of $1 at Compound Interest

   Periods	5%	6%	7%	10%	12%
   1	0.95238	0.94340	0.93458	0.90909	0.89286
   2	0.90703	0.89000	0.87344	0.82645	0.79719
   3	0.86384	0.83962	0.81630	0.75132	0.71178
   4	0.82270	0.79209	0.76290	0.68301	0.63552
   5	0.78353	0.74726	0.71299	0.62092	0.56743
   6	0.74622	0.70496	0.66634	0.56447	0.50663
   7	0.71068	0.66506	0.62275	0.51316	0.45235
   8	0.67684	0.62741	0.58201	0.46651	0.40388
   9	0.64461	0.59190	0.54393	0.42410	0.36061
   10	0.61391	0.55840	0.50835	0.38554	0.32197

   a.$42,720

   b.$39,670

   c.$41,925

   d.$38,265