Exercise $5-6($Static$)$ 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 $$3,500$ with payment due today. The second store offers the two ovens for $$3,700$ due in one year.

Required:

$1-$a$.$ Assuming an annual discount rate of $9\%,$ calculate the present value.

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

Complete this question by entering your answers in the tabs below.

Req $1A$

Assuming an annual discount rate of $9\%,$ calculate the present value.

Note: Use tables, Excel, or a financial calculator. Round your answers to $2$ decimal places. $($FV of $$1,PV$ of s and PVA of $$1)$

$\backslash$table$[[,$Present Value$],[$Store $1,],[$Store $2,]]$