Answer each of the following independent questions. 1. You recently won a lottery and have the option of receiving one of the following three prizes: (1) $88,000 cash immediately, (2) $34,000 cash immediately and a six-year annual annuity of $9,300 beginning one year from today, or (3) a six-year annual annuity of $18,400 beginning one year from today. Assuming an interest rate of 7% compounded annually, determine the present value for the above options. Which option should you choose? 2. A company wants to accumulate a sum of money to repay certain debts due in the future. The company will make annual deposits of $175,000 into a special bank account at the end of each of 10 years. Assuming the bank account pays 8% interest compounded annually, what will be the fund balance after the last payment is made in ten years? Note: Use tables, Excel, or a financial calculator. (EV of $1, PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Complete this question by entering your answers in the tabs below. Required 1 Required 2 You recently won a lottery and have the option of receiving one of the following three prizes: (1) $88,000 cash immediately, (2) $34,000 cash immediately and a six-year annual annuity of $9,300 beginning one year from today, or (3) a six-year annual annuity of $18,400 beginning one year from today. Assuming an interest rate of 7% compounded annually, determine the present value for the above options. Which option should you choose? Note: Round your final answers to nearest whole dollar amount. Annulty Payment PV Annuity + Immediate Cash PV Option Option 11 Option 2 + + Option 3 . " Which option should you choose? Show less A