Tim Durant is an Australian professional basketball player in the Australia Basketball league. He is one of the league's most prolific scorers and has been called the best overall player. After completing his last contract with his current team in June 2022, Tim is now free to sign with any team in the league. Burwood-101, one of the most widely supported basketball clubs in the Australia Basketball league, is willing to acquire Tim Durant to help the team become a championship contender for the next season. Burwood-101 has provided the following offer to Tim with three different options. Option 1: A three-year contract, with an annual salary of $502,000, paid annually (i.e., one payment at the end of each year). Option 2: A three-year contract, with an annual salary of $490,000, paid monthly (i.e., 12 equal payments p.a., and each payment will be paid at the end of each month). Option 3: A three-year contract, with an annual salary of $489,000, paid fortnightly (i.e., 26 equal payments p.a., and each payment will be paid at the end of each fortnight). Assuming you are the financial adviser for Tim Durant, answer the following: (1) What concept will you apply to assist Tim in choosing between these three options? Explain how this analysis will help Tim in making a better decision. (200 words (+/- 10%) for Q1 Part (1) ; Including in-text citation) (6 marks) (2) If the current interest rate is 5%, calculate the present value and future value for all three options. Based on your estimation, which option would you recommend Tim to accept? (15 marks) (3) If Tim decides to choose option 1 (i.e., annual taxable income $502,000), based on the following Australia tax rate table, estimate Tim's annual after-tax income (excluding the Medicare levy). (2 marks) Table 1: Australia 2021-2023 income tax rates Taxable income Tax on this income 0-$18,200 $18,201 - $45,000 $45,001-$120,000 $120,001 - $180,000 $180,001 and over Nil 19c for each $1 over $18,200 $5,092 plus 32.5c for each $1 over $45,000 $29,467 plus 37c for each $1 over $120,000 $51,667 plus 45c for each $1 over $180,000