After hearing a knock at your front door, you are surprised to see the Prize Patrol from a large, well-known magazine subscription company. It has arrived with the good news that you are the big winner, having won $32 million. You have three options: a. Recelve $1.6 million per year for the next 20 years. b. Have $11 million today. c. Have $2.75 million today and receive $1,300,000 for each of the next 20 years. Your financial adviser tells you that it is reasonable to expect to earn 12 percent on investments. Required: 1. Calculate the present value of each option. (Future Value of \$1. Present Value of \$1. Future Value Annulty of \$1, Present Value Annuly of $1 1.) 2. Determine which option you prefer. Complete this question by entering your answers in the tabs below. Calculate the present value of each option. (Future Value of \$1, Present Value of $1, Future Value Annuity of $1, Present Value Annulty of \$1.) Note: Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar. Enter your answers in dollars, not in millons