The rate of earnings is 12% and the cash to be received in 2 years is $60,604. Determine the present value amount, using the following partial table of present value of $1 at compound interest (round to two decimal points).

Year	6%	10%	12%
1	0.943	0.909	0.893
2	0.890	0.826	0.797
3	0.840	0.751	0.712
4	0.792	0.683	0.636

a. $43,150.05

b. $48,301.39

c. $54,119.37

d. $50,058.90