When Derek was a small child, his grandfather established a trust fund for him to receive $20,000 on his thirty-fifth birthday. Derek just turned 23. What is the value of his trust today if the trust fund earns 9 percent interest? If he had to wait until age 40 to receive the money, what is the present value today of the $20,000 to be received in 17 years?

The present value, PV, of his trust today, if the trust fund earns 9 percent interest, is $?. (Round to the nearest cent.)

The present value, PV, if he had to wait until age 40 to receive the money is $?. (Round to the nearest cent.)