When Derek was a small child, his grandfather established a trust fund for him to receive

$19 comma 000

on his thirty-fifth birthday. Derek just turned 23. What is the value of his trust today if the trust fund earns

3

percent interest? If he had to wait until age 40 to receive the money, what is the present value today of the

$19 comma 000

to be received in 17 years? Click the following table icon to view the PVIF table

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.

The present value,

PV,

of his trust today if the trust fund earns

3

percent interest is

$nothing

.

(Round to the nearest cent.)

The present value,

PV,

if he had to wait until age 40 to receive the money is

$nothing

.

(Round to the nearest cent.)