Problem 7-27 A $800,000 state lottery prize is spread evenly over eight years ($100,000 a year) (Alternative 1), or you may take a lump distribution of $502,000 (Alternative 2). If you can earn 7 percent, calculate the present values of both alternatives. Use Appendix D to answer the question. Round your answers to the nearest dollar. PV(Alternative 1): $ PV(Alternative 2): $ Which alternative is better? ( -Select