A manufacturing firm purchased a heavy duty drilling machine. They were given two payment options: Option 1: Make a payment of $47,500 immediately to settle the invoice for the machine. Option 2: Make a payment of $21,000 immediately and the balance of $23,550 in 3 months to settle the invoice. If money is worth 7.12% compounded quarterly, answer the following: a. What is the total present value of Option 2?