Denzel needs a new car. At the dealership, he finds the car that he likes. The dealership gives him two payment options: 1. Pay $34 500 for the car today 2. Pay 53.900 at the end of each quarter for three years Required: 1-a. Assuming Denzel uses a discount rate of 8% (or 2% quarterly), calculate the present value (FV of $1. PV of S1, FVA of S1, and PVA of 51) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Present Value Option 1 Option 21 1.b. Which option gives him the lower cost? Option 1 OOotan 2