You have just won the state lottery and have two choices for collecting your winnings. You can collect $61,000 (Option 1) today or receive $10,400 (Option 2) per year for the next six years. A financial analyst has told you that you can earn 11 percent on your investments. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use the appropriate factor(s) from the tables provided.)

Calculate the present value of both the options?

	Present Value
Option 1	$61,000
Option 2