Use the following data to answer the questions

Table	Rate	Period	Period	Period	Period	Period
		1	2	3	4	5
	4%	0.962	0.925	0.898	0.855	0.822
PV of $1	5%	0.952	0.907	0.864	0.823	0.784
	6%	0.943	0.89	0.84	0.792	0.747
	8%	0.926	0.857	0.794	0.735	0.681

Use PV of annuity table for option 3

Please show how you did this (n=3, i=8,fv=9150000, pv=)

You have won the state lottery and need to choose your payment option. Assume a rate of 8%

Option 1 is $9,150,000 at the end of 3 years.

Option 2 is $11,150,000 at the end of 5 years.

Option 3 is equal annual payments of $2,500,000 each year for 4 years.

What is the present value of option #1.

What is the present value of option #2

What is the present value of option #3?