A business associate who owes you $3000 offers to pay you $2800 now (option 1),

or else pay you three yearly installments of $1000 each, with the first installment paid now (option 2).

Assuming a 5.3% interest rate per year, compounded continuously, calculate the present value of each option.

Answers should be rounded to the nearest cent (0.01 dollars)

The present value of option 1 is $

The present value of option 2 is $