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 $3,400 with payment due today. The second store offers the two ovens for $3,600 due in one year. Required: 1-a. Assuming an annual discount rate of 10%, 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. Assuming an annual discount rate of 10%, calculate the present value. Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1,PV of $1, FVA of $1, and PVA of $1 )