Your grandfather has offered you a choice of one of the three following alternatives: $7,500 now; $2,200 a year for nine years; or $31,000 at the end of nine years. Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. a-1. Assuming you could earn 10 percent annually, compute the present value of each alternative: Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Present Value $7,500 $2,200 $31,000 a-2. Which alternative should you choose? $31,000 received at end of nine years. $2,200 received each year for nine years. $7,500 received now. b-1. If you could earn 11 percent annually, compute the present value of each alternative: Note: Do not round intermediate calculations. Round your final answers to 2 decimal places. Present Value $7,500