Present and future value tables of $1 at 3% are presented below: N FV $1 PV $1 1 1.03000 0.97087 2 1.06090 0.94260 3 1.09273 0.91514 4 1.12551 0.88849 5 1.15927 0.86261 6 1.19405 0.83748 7 1.22987 0.81309 8 1.26677 0.78941 9 1.30477 0.76642 10 1.34392 0.74409 11 1.38423 0.72242 12 1.42576 0.70138 1.46853 0.68095 14 1.51259 0.66112 15 1.55797 0.64186 16 1.60471 0.62317 FVA $1 PVA $1 FVAD $1 PVAD $1 1.0000 0.97087 1.0300 1.00000 2.0300 1.91347 2.0999 1.97087 3.0909 2.82861 3.1836 2.91347 4.1836 3.71710 4.3091 3.82861 5.3091 4.57971 5.4684 4.71710 6.4684 5.41719 6.6625 5.57971 7.6625 6.23028 7.8923 6.41719 8.8923 7.01969 9.1591 7.23028 10.1591 7.78611 10.4639 8.01969 11.4639 8.53020 11.8078 8.78611 12.8078 9.25262 13.1920 9.53820 14.1920 9.95400 14.6178 10.25262 15.6178 10.63496 16.0863 10.95400 17.0863 11.29607 17.5989 11.63496 18.5989 (11.93794 19.1569 12.29607 20.1569 12.56110 20.7616 12.93794 13 Jose wants to cash in his winning lottery ticket. He can either receive eight, $7.000 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 $48,891 $47,417 $50,612 $49,138