Denzel needs a new car. At the dealership, he finds the car that he likes. The dealership gives him two payment options: 1. Pay $26,000 for the car today. 2. Pay $2,200 at the end of each quarter for three years. Required: 1-a. Assuming Denzel uses a discount rate of 12% (or 3% quarterly), calculate the present value. 1.b. Which option gives him the lower cost? Complete this question by entering your answers in the tabs below. Assuming Denzel uses a discount rate of 12% (or 3% quarterly), calculate the present value. (FV of $1, PV of $1,FVA of $1, and PVA of $1 ) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.)