1. Paul Parent is evaluating investment alternatives for saving for his infant daughters college education. He has estimated that he will need $225,000 upon her graduation from high school in 18 years. Paul has the following options: 1. Locking in an 8 percent investment with a lump sum payment today 2. Earning a 9 percent return based on annual even contributions over the next 18 years, or 3. Locking in a 7 percent investment for $5,000 and earning a 10% return on even annual contributions. Paul has the relevant present value tables that show the following factors: .... 7%. 8%.9%.10% Future value of $1 for 18 years 3.379 3.996 4.717 5.559 Future value of an annuity for 18 years 33.999 37.45 41.301 45.599 Present value of $1 for 18 years 0.285 0.250 0.215 0.180 Present value of an annuity for 18 years 9.958 9.372 8.787 8.201 2. Assuming Paul can afford any of these options, which alternative results in the lowest investment? a)Option 1. b) Option 2. c) Option 3. d) All three options are equally attractive. Please show solutions