Michael has just won the Flyball Lottery. He has two options for receiving his prize. The first option is to accept a $ 131,000 cash payment today. The second option is to receive $ 17,300 at the end of each of the next 19 years and a $ 32,100 lump sum payment in the 20th year. Michael can invest money at a 9% rate. Click here to view the factor table. (a) Calculate the present value of the two options. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to 0 decimal place, e.g. 58,971.) Option 1 Option 2 Present value $ 131,000 $ 134,351 Which option should Michael choose to receive his winnings? Option 2 (b) If Michael could invest money at 12%, calculate the present value of the two options. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round final answer to O decimal place, e.g. 58,971.) Option 1 Option 2 Present value $ 131,000 $ 114,520