uaker State Incorporated offers a new employee two options. First, the employee can receive a one-time signing bonus at the date of employment. Second, the employee can take $8,000 at the date of employment plus $20,000 at the end of each of his first three years of service. Assuming the employee's time value of money is 10% annually, what single payment in the first option would be equal to the total of the payments in the second option