Use the following information to answer the next $3$ questions: Sara just received an inheritance and has been given the choice of two payout options:

Option #$1$: She can receive $$50,000$ every six months for ten years.

Option #$2$: She can wait and receive $$56,500$ every six months for ten years with the first payment coming one year from now.

The appropriate discount rate is $11$ percent compounded semiannually.

Question $27$

$3$ pts

Use the TVM features of your financial calculator to find the present value of Option #$1.$ Show the appropriate calculator inputs $(N,I\%$ or I$/$Y$,$ PV$,$ PMT$,$ FV$)$ for calculating this value with $\frac{P}{Y}=1$ and $\frac{C}{Y}=1.$ Round your answer to $2$ decimal places.

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$12$ pt $$ Paragraph