Instructions: Complete the following problems using either a financial calculator or a spreadsheet program. Do not use interim rounding, state your answers as positive values, to two decimal places for dollar and period values and four places for percentages stated as decimals; do not label answers with symbols such as $ or %. For example, 10.5% should be input as .1050.

Tensing Palmo expects to receive $37,171 on his birthday 12 years from now. He knows he could earn 0.0835 on an investment for 12 years. The present value of this money is: