a-1. Calculate the present value of a payment of $1,200 you would received for 12 years if the interest rate is 3%. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a-2. Calculate the present value of a payment of $1,000 you would received for 17 years if the interest rate is 3%. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a-3. Which option would you prefer? $1,000 a year for 17 years $1,200 a year for 12 years b-1. Calculate the present value of a payment of $1,200 you would received for 12 years if the interest rate is 12%. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b-2. Calculate the present value of a payment of $1,000 you would received for 17 years if the interest rate is 12%. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b-3. Which option would you prefer? $1,200 a year for 12 years $1,000 a year for 17 years