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Denzel needs a new car. At the dealership, he finds the car that he likes. The dealership gives him two payment options: 1. Pay $27,500 today for the car. 2. Pay $2,500 at the end of each quarter for three years. Required: 1-a. Assuming Denzel uses a discount rate of 8% (or 2% quarterly), calculate the present value. 1-b. Which option gives him the lower cost? Complete this question by entering your answers in the tabs below. Assuming Denzel uses a discount rate of 8% (or 2% quarterly), calculate the present value. Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1, PV of $1, FVA of $1, and PVA of \$1)