Question 1 Part(a) As Winner of a racing competition, you can choose one of the following prizes: Option A :$30,000 to be received at the end of each year for 4 years, the first payment occurring 2 years from now. Option B:$30,000 per year at the end of each year over the next 5 years. i. If the interest rate is 5% per annum comounded annually, calculate the present value (pv) for each of the options above. Show workings. ii. Which option would you prefer? Part(b) You are thinking about buying a piece of art that costs $30,000.The art dealer is proposing the following deal: He will lend you the money, and you will repay the loan by making the same payment every two years for the next 30 years.(i.e, a total of 15 payments.) If the interest rate is 9% per annum compounded annually, how much will you have pay every two years?