You are offered $1,000 today, $10,000 in 12 years, or $25,000 in 25 years. Assuming that you can earn11percent on your money, which offer should you choose?

a. What is the present value of $25, 000 in 25 years discounted at 11 percent interest rate?

b. Calculate present value of $10,000 in 12 years discounted at 11 percent interest rate?

(Round to the nearest cent.)

(Round to the nearest cent.)