Exercise C-4 Calculate the present value of a single amount (LOC-2) Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $2,700 with payment due today. The second store offers the two ovens for $2,900 due in one year Required: 1-a. Assuming an annual discount rate of 8%, calculate the present value. (FV of $1. PV of $1. FVA of $1. and PVA of $1 (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Present Value Store 1 Store 2 9-b. From which store should Ray and Rachel buy their ovens? Store 1 Store 2