Imagine you have won the lump sum amount of $1650 in a recent contest. Howover, you must wat until the ond of 3 years to recalve the anonkey. However, you would prefer a different pattem of payments: 5300 today and then receive some unknown LUMP SUM (ie. one time) amount that will be received in 3 years. Using an interest fate of 6.50%; determine the unknown lump sum amount that would make the present value of both prizes equivalent. 31287.62 $248.35 31065.95 $1365.95 51630.73