Calculate the present value of the following: a-1. Annual payment of $1,175 for 11 years at 4% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value a-2. Annual payment of $975 for 16 years at 4% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value a-3. Which option would you prefer? O $1,175 a year for 11 years O $975 a year for 16 years b-1. Annual payment of $1,175 for 11 years at 16% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value b-2. Annual payment of $975 for 16 years at 16% interest. (Do not round intermediate calculations. Round your answer to 2 decimal places.) Present value b-3. Which option would you prefer? O $1,175 a year for 11 years O $975 a year for 16 years