When Derek was a small child, his grandfather established a trust fund for him to receive $20,000

Question:

When Derek was a small child, his grandfather established a trust fund for him to receive $20,000 on his 35th birthday. Derek just turned 23. What is the value of his trust today if the trust fund earned 7 percent interest? If he had to wait until age 40 to receive the money, what is the present value of the $20,000 to be received in 17 years?