A contract calls for annual payments of $$1,200.$ Find the present value of the contract assuming. When making these calculations, you need to use a present value factor that is carried to three decimal places to get the correct answers.

a$.$ The number of payments is $7$ and the current interest rate is $6$ percent. Your answer should contain a dollar sign and should be shown as dollars and cents.

b$.$ The number of payments is $14$ and the current interest rate is $8$ percent. Your answer should contain a dc$..$ sign and should be shown as dollars and cents.

c$.$ Between the two calculations, A and $B,$ which option is the best option for the person receiving the payment? State in a full sentence why you chose this option.