For your $21$st birthday, your grandfather offers you a gift of $$1,000$ today. However, you have the choice of waiting $3$ years and

receiving $$1,500$ or waiting $5$ years and receiving $$3,000.$ If your money grows at a rate of $8\%$ compounded annually, which alternative

should you choose?

Choice $1$: $P=$$

Choice $2$:$P-$$

Choice $3$:$P=$$

Round entry to the nearest dollar. Tolerance is $+-4.$