Calculate the present value of the following: a-1. Annual payment of $1,250 for 11 years at 4% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a-2. Annual payment of $1,050 for 16 years at 4% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) a-3. Which option would you prefer? b-1. Annual payment of $1,250 for 11 years at 16% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b-2. Annual payment of $1,050 for 16 years at 16% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) b-3. Which option would you prefer? a-1. a-2. a-3 b-1. Present value Present value Which option would you prefer? Present value Present value Which option would you prefer? b-2. b-3