Present Value $($LO$9-3)$ Your father offers you a choice of $$105,000$ in $12$ years or

$$47,000$ today.

a$.$ If money is discounted at $8$ percent, which should you choose?

b$.$ If money is still discounted at $8$ percent, but your choice is between $$105,000$ in $9$

years or $$47,000$ today, which should you choose?