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: $1,500 today, 5,000 in 10 years, or $32,000 in 29 years. Assuming that you can earn 7 percent on your money, which should you choose? If you are offered $5,000 in 10 years and you can earn 7 percent on your money, what is the present value of $5,000?