$($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$ comma $500$

$$today$,$$$7$ comma $000$

in $15$

$$years$,$ or $$$$29$ comma $000$

in $22$

years. Assuming that you can earn $14$

percent on your$$ money, which should you$$ choose?

Question content area bottom

Part $1$

If you are offered $$$$7$ comma $000$

in $15$

years and you can earn $14$

percent on your$$ money, what is the present value of $$$$7$ comma $000$

$?$

$$$$980\mathrm{.}68$

$$

$($Round to the nearest$$ cent.$)$

Part $2$

If you are offered $$$$29$ comma $000$

in $22$

years and you can earn $14$

percent on your$$ money, what is the present value of $$$$29$ comma $000$

$?$

$$$enter your response here

$$

$($Round to the nearest$$ cent.$)$