N FV $1 PV $1 FVA $1 PVA $1 1 1.03000 0.97087 1.0000 0.97087 1.0300 FVAD $1 PVAD $1 1.00000 2 1.06090 0.94260 2.0300 1.91347 2.0909 1.97087 34567892 1.09273 0.91514 3.0909 2.82861 3.1836 2.91347 1.12551 0.88849 1.15927 0.86261 1.19405 0.83748 1.22987 0.81309 1.26677 0.78941 1.30477 0.76642 4.1836 3.71710 4.3091 3.82861 5.3091 4.57971 5.4684 4.71710 10.1591 10 1.34392 0.74409 11.4639 6.4684 5.41719 7.6625 6.23028 8.8923 7.01969 7.78611 8.53020 6.6625 5.57971 7.8923 6.41719 9.1591 7.23028 10.4639 8.01969 11.8078 8.78611 11 1.38423 0.72242 12.8078 9.25262 13.1920 9.53020 12 1.42576 0.70138 13 1.46853 0.68095 15.6178 10.63496 14.1920 9.95400 14.6178 10.25262 14 15 16 1.51259 0.66112 1.55797 0.64186 1.60471 0.62317 17.0863 11.29607 16.0863 10.95400 17.5989 11.63496 18.5989 11.93794 20.1569 12.56110 19.1569 12.29607 20.7616 12.93794 Jose wants to cash in his winning lottery ticket. He can either receive four, $3,000 annual payments starting today, or he can receive one lump-sum payment today based on a 3% annual interest rate. What would be the lump-sum payment? Multiple Choice $11,486