Exercise C-6 (Algo) Calculate the present value of a single amount (LO C-3) Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $2,400 with payment due today. The second store offers the two ovens for $2,600 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? Complete this question by entering your answers in the tabs below. 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 tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) Exercise C-6 (Algo) Calculate the present value of a single amount (LO C-3) Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $2,400 with payment due today. The second store offers the two ovens for $2,600 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? Complete this question by entering your answers in the tabs below. From which store should Ray and Rachel buy their ovens