Using the following table, what is the present value of $40,000 to be received in five years, if the market rate is 7% compounded annually? Round your answer to two decimal places. 5% 6% 7% 10% Periods 1 0.95238 0.94340 0.93458 0.90909 2 0.90703 0.89000 0.87344 0.82645 3 0.86384 0.81630 0.75132 0.83962 0.79209 4 0.82270 0.76290 0.68301 5 0.78353 0.74726 0.71299 0.62092 6 0.74622 0.70496 0.66634 0.56447 7 0.71068 0.62275 0.51316 0.66506 0.62741 0.67684 0.58201 0.46651 8 9 9 0.64461 0.59190 0.54393 0.42410 10 0.61391 0.55840 0.50835 0.38554