Suppose you are given the following options:

(i): $7,500 today. $3,050 each year for 11 years. The first payment after year 2.

(ii): $3,500 paid each year for 14 years. The first payment paid after 1 year.

(iii): $3,800 paid each year for 15 years. The first payment after 5 years.

The annual interest rate is 6%. Calculate present values of three options (please show work). Which one would you choose and why?

How would the answers change if the interest rate is 3% or 9%? (show all work)