If $20,000 invested today at 8% per year yields $21,600 at the end of one year, then $21,600 received at the end of one year, at an 8% investment rate, is worth $20,000 today. How much is $22,000...

If $20,000 invested today at 8% per year yields $21,600 at the end of one year, then $21,600 received at the end of one year, at an 8% investment rate, is worth $20,000 today. How much is $22,000 received at the end of one year, at 8%, worth today—more or less than $20,000? Does it matter whether you use present or future values when determining your preference between $20,000 now and $22,000 in one year?