(Present-value comparison) Much to your surprise, you were selected to appear on the TV show "The Price is Right." As a result of your prowess in identifying how many rolls of toilet paper a typical American family keeps on hand, you win the opportunity to choose one of the following: $1,400 today, $5,000 in 12 years, or $25,000 in 21 years. Assuming that you can earn 11 percent on your money, which should you choose?
If you are offered $5,000 in 12 years and you can earn 11 percent on your money, what is the present value of $5,000?
$
(Round to the nearest cent.)