A vintner is deciding when to sell a vintage wine. If it is bottled and released now, the wine will be worth $2.8 million. If it is barrel aged for a further year, it will be worth 30% more, though there will be additional costs of $400,000 incurred at the end of the year. Assume an interest rate of 5%. a. (1 point) What is the present value of the difference in profit if the vintner sells the wine after barrel aging it for a further year as oppose to sells the wine now? Round your answer to the nearest dollar. Please show your work (e.g., the formulas, Excel functions, and the numerical inputs). b. (1 point) Should the vintner sell the wine now or a year later? Briefly Explain