Denzel needs a new car. At the dealership, he finds the car that he likes. The dealership gives him two payment options:

1. Pay $30,500 for the car today.

2. Pay $3,100 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 of option 1 and 2