A $1,200,000 state lottery prize is spread evenly over eight years ($150,000 a year) (Alternative 1), or you may take a lump distribution of $1,048,000 (Alternative 2). If you can earn 7 percent, calculate the present values of both alternatives. Use Appendix D to answer the question. Round your answers to the nearest dollar. PV_{(Alternative 1)}: $ PV_{(Alternative 2)}: $