Suppose you have the alternative of receiving either $24,000 at the end of seven years or P dollars today. Currently, you have no need for money, so you could deposit the P dollars in a bank that pays 5% interest. What value of P would make you indifferent in your choice between P dollars today and the promise of $24,000 at the end of seven years? The value of P that would make you indifferent in your choice is $ .(Round to the nearest dollar.)

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