When you graduate from college, your mother plans to give you a gift of $50,000 to start you on your way. However, to determine what you learned in business school, your mother presents you with four options on how to receive the gift. Which of the four options presented by your mother will yield the greatest present value to you? Appendix 9-1 (Present value of $1 received in n periods): 4% 5% 6% 1 1 0.9615 0.9524 0.9434 2 0.9246 0.9070 0.8900 3 0.8890 0.8638 0.8396 4 0.8548 0.8227 0.7921 5 0.8219 0.7835 0.7473 Appendix 9-2 (Present value of an annuity of $1 per period): 496 5% 6% 1 0.9615 0.9524 0.9434 2 1.8861 1.8594 1.8334 3 2.7751 2.7232 2.6730 4 3 4 5 3.6299 3.5460 3.4651 5 4.4518 4.3295 4.2124 A lump sum of $50,000 today, $25,000 per year for each of the next 2 years using a 4% discount rate. Alump sum of $50,000 after grad school (2 years from now) assuming a 4% discount rate A lump sum of $50,000 after the first year of grad school (1 year from now) assuming a 6% discount rate