File Home insert Design Layout References Mailings Review View Helo Share Comments Introduction: You have just won the North Carolina Education Lottery for $1,250,000 and you decide to take the lump sum payment of $750,000. At the advice of a financial advisor decide you need to invest the $750,000. The financial advisor provides several options and you want to know which investment yields the higher return First write the formula used to calculate the future value, then show the values input in the formula, and write the final answer. Round all dollar amounts to tbe nearest cent. Option 1: A simple interest account that pays 2.5% interest rate for 10 years (15 points) Option 2: A compound interest account that pays 2.3% interest rate compounded annually for 10 years (20 points) Option 3: A compound interest account that pays 2.1% interest rate compounded quarterly for 10 years (20 points) Option 4: A compound interest account that pays 2.0% interest rate compounded daily for 10 years (20 points) Option 5: A continuous compounded interest account that pays 2.25% interest rate for 10 years (20 points) Which option 1, 2, 3, 4 or 5 yields the higher retum on the investment of $750,000? What was the future value of the investment option that yielded the higher return? What was the interest eamed on that investment option with the higher return? What is the effective annual yield of the investment that yields the higher return? (5 points)