Use the table shown in Exercise 10 to calculate the present value of $22,000 received 10 years from now, assuming an interest rate of 15%.

Present Value of $1 at Compound Interest

Year 10% 12% 15% 1 0.909 0.893 0.870 2 0.826 0.797 0.756 3 0.751 0.721 0.658 4 0.683 0.636 0.572 5 0.621 0.567 0.497 6 0.564 0.507 0.432 7 0.513 0.452 0.376 8 0.467 0.404 0.327 9 0.424 0.361 0.284 10 0.386 0.322 0.247