Julio Has Just Received a Legal Judgment in a Civil

Julio has just received a legal judgment in a civil court case which awards him a settlement of $24,000 to be received two years from now. He would like to sell the rights to the settlement money to a financial institution, so that he can have the cash now. In order to estimate the present value of the settlement, he will use a discount rate of 6%. What is the present value of the settlement?
$$\begin{array} { |r | r | r | r | r | r | r | } \hline \text {Present Value of }\\\text { \$ 1}\\\hline &5\%&6\%&7\%&8\%&9\%&10\%\\\hline 1 & 0.952 & 0.943 & 0.935 & 0.926 & 0.917 & 0.909 \\\hline 2 & 0.907 & 0.890 & 0.873 & 0.857 & 0.842 & 0.826 \\\hline 3 & 0.864 & 0.840 & 0.816 & 0.794 & 0.772 & 0.751 \\\hline 4 & 0.823 & 0.79 & 0.763 & 0.735 & 0.708 & 0.683 \\\hline 5 & 0.784 & 0.747 & 0.713 & 0.681 & 0.650 & 0.621 \\\hline 6 & 0.746 & 0.705 & 0.666 & 0.630 & 0.596 & 0.564 \\\hline 7 & 0.711 & 0.665 & 0.623 & 0.583 & 0.547 & 0.51 \\\hline 8 & 0.677 & 0.627 & 0.582 & 0.540 & 0.502 & 0.467 \\\hline 9 & 0.645 & 0.59 & 0.544 & 0.500 & 0.460 & 0.424 \\\hline 10 & 0.614 & 0.558 & 0.508 & 0.463 & 0.422 & 0.386 \\\hline\end{array}$$

A) $20,160
B) $21,360
C) $22,360
D) $22,590