Ken Jones has just won the state lottery. The state offers the following three payout options for after- tax prize money: 1. $50,000 per year at the end of each of the next six years 2. $300,000 (lump sum) now 3. $400,000 (lump sum) six years from now Calculate the present value of each scenario using an 8% annual discount rate. Round to nearest whole dollar Present value of an ordinary annuity of $1: 7% WN 0.935 1.808 2.624 3.387 4.100 4.767 8% 0.926 1.783 2.577 3.312 3.993 4.623 9% 0.917 1.759 2.531 3.240 3.890 4.486 Present value of $ 1: 7% 0.935 0.873 0.816 0.763 0.713 0.666 8% 0.926 0.857 0.794 0.735 0.681 0.630 9% 0.917 0.842 0.772 0.708 0.650 0.596