You have lent your friend $8000. Your friend offers you the following instead of paying the $8000 now. End of year Cash flow 1 3400 2 2400 3 450 4 600 What is the present value of your friend's payments? (Using an opportunity cost of capital of 7 percent) Would you accept your friend's offer? Write 1 in the blank if yes Write 2 in the blank if No