On Joe Martin's graduation from college, Joe's uncle promised him a gift of $12,700 in cash or $830 every quarter for the next 5 years after graduation. Assume money could be invested at 8% compounded quarterly. (Use Table 13.2.) a. Calculate the present value of options. (Do not round intermediate calculations. Round your answers to the nearest cent.) Option 1 Option 2 Present value b. Which offer is better for Joe? Option 2 Option 1 Period 2% 10 4% 5% 6% 7 % 09804 0.0709 0.0615 0934 2 19416 19135 18861 3 28839 28286 4 C 38077 37171 47134 45797 56014 54172 7 64720 62303 " 73255 70197 81622 7.7861 10 89826 85302 11 97868 9.2526 12 105753 99540 13 113483 106350 14 12.1062 112961 15 128492 11.9379 16 135777 125611 17 14.2918 13.1061 18 14.9920 137535 8% 09524 09434 0.9259 18504 1.9334 18080 1.7833 27751 27212 2.6730 26243 25771 36299 35459 34651 13872 33121 32397 31099 31024 30373 25745 44518 43295 42124 4.1002 39627 38897 37008 36968 26048 35172 52421 5.0757 4.9173 47665 46229 44859 43563 42305 41114 39975 60021 57864 55824 5.3893 52064 50330 488 47122 45638 44226 67327 64632 62008 59713 57466 55348 53349 51461 49676 74353 7.1078 68017 65152 62469 81109 77217 73601 70236 67101 87605 3064 2.8860 74987 7.1300 93851 8632 0.3830 7.9427 75361 99856 9.3936 8.38527 83576 79038 105631 98996 02950 7455 82442 11.1184 103796 97122 9.1079 85695 11.6523 108378 10.1059 94466 89514 12.1657 11.2741 104773 97632 9.1216 12.6593 11.6896 10.8276 100991 9.3719 95 10% 11% 12% 09174 09091 09009 08029 CHISO 13% 17591 17365 17125 16901 16681 25313 24809 24437 24018 23612 479 59052 57500 55370 53282 1317 19 156784 143238 13.1339 120853 20 16.3514 148775 135900 124622 25 30 19.5234 22.3964 196004 17.4131 156221 14.0939 17.2920 153724 40 27.3554 231148 197938 17.15091 11.1621 10.3354 0.6036 114099 105040 12.7834 116536 137648 12.4000 15.0463 133317 50 314236 257298 21.4822 182550 157619 138007 106748 11.257 11.9046 12.2335 64177 61446 58892 56602 68062 4951 62065 59377 50000 7.1607 68137 64924 61544 59176 74869 7.1034 67499 64225 63218 77862 73667 69919 66282 63025 80607 76061 7,1009 6109 6.4634 83126 78237 73792 69740 66079 85436 80216 75488 7.3196 67291 87556 2014 77016 72407 48399 9501 3649 78393 73658 69380 $1285 85136 79633 74094 70248 98226 90770 84317 73431 7.3300 10.2737 94369 86538 80552 7A95 10.7574 97790 9511 83438 7.6344 105617 99148 90417 83045 76752 54262