Exercise $5-6($Algo$)$ Present value; single amount $($LO $5-3)$

Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $$3,300$ with payment due today. The second store offers the two ovens for $$3,500$ due in one year.

Required:

$1-$a$.$ Assuming an annual discount rate of $8\%,$ calculate the present value.

$1-$b$.$ From which store should Ray and Rachel buy their ovens?