You have a good friend who needs money to fix a well pump. He says he can pay $20 per week. The well pump will cost $1035 installed. Your friend decides to connect to the city water system. It will cost him an estimated $20 per month for water for the next 20 years. If his savings account will pay him 3% annually, what is the present value of his payments?

$3000

$3400

$3200

$3600