You just turned 24 years old. Your favorite Aunt Mary is so grateful for all of the nice things you and your twin sister have done for her over the years that she says that she will give you each $10,000 one year from now on your 25th birthdays. You are a very patient person, live with your parents, and have few debts. You apply only a 3% discount rate to your anticipated gift. Your twin, on the other, is an impatient person with lots of pressing financial needs. She would much prefer to get her hands on some money today, even if it meant receiving less than $10,000. Let's say that her discount rate is 15% for the anticipated gift. What is the approximate DIFFERENCE between the present value of your gift and your twin's gift?

$500

$1000

$1500

$2000

$2500