The present value of $40,000 to be received in two years, at 12% compounded annually, is _____ (rounded to nearest dollar) . Use the following table, if needed. 
Definitions:
Irreversibility
The cognitive inability in young children to understand that actions cannot always be undone, a concept studied in developmental psychology.
Piagetian Development
A theory of cognitive development by Jean Piaget that outlines how children progress through four stages of growth, acquiring key skills and abilities.
Preoperational
A stage in Jean Piaget’s theory of cognitive development where children from about 2 to 7 years old engage in symbolic play but lack operations (logical rules) for consistent reasoning.
Concrete Operational
A stage in Piaget's theory of cognitive development where children (ages 7-11) can think logically about concrete events.
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