Imagine you have won the lump sum amount of $2700 in a recent contest. However, you must wait until the end of 7 years to receive the money. However, you would prefer a different pattern of payments: $350 today and then receive some unknown LUMP SUM (i.e. one time) amount that will be received in 7 years. Using an interest rate of 5.50%, determine the unknown lump sum amount that would make the present value of both prizes equivalent.

		$240.60
		$3418.50
		$1506.08
		$2190.86
		$1856.08