(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: $1,600 today, $12,000 in 15 years, or $32,000 in 25 years. Assuming that you can earn 8 percent on your money, which should you choose? If you are offered $12,000 in 15 years and you can earn 8 percent on your money, what is the present value of $12,000? $ (Round to the nearest cent)