Answer:
$2,400; $2,299
Explanation:
Generally, the principle of present value of money stipulates that the value of a specific amount of money today is worth more than its value in the future. Mathematically:
Value today:
Tax amount = $3,000 x 0.20 = $600
Value = $3,000 - $600 = $2,400
Value next year:
Tax amount = $3,000 x 0.25 x 0.935 = $701
Value = $3,000 - $701 = $2,299