Imagine you have won the lump sum amount of $2000 in a recent contest. However, you must wait until the end of 8 years to receive the money. However, you would prefer a different pattern of payments: $375 today and then receive some unknown LUMP SUM (i.e. one time) amount that will be received in 8 years. Using an interest rate of 5.50%, determine the unknown lump sum amount that would make the present value of both prizes equivalent.

		$244.35
		$928.20
		$1424.49
		$2493.87
		$1303.20