Your grandfather would like to share some of his fortune with you. He offers to give you money under one of the following scenarios (you get to choose): 1. $8,750 a year at the end of each of the next seven years 2. $49,950 (lump sum) now 3. $98,650 (lump sum) seven years from now Using an 8% interest rate, calculate the present values for each scenario. (Round the amounts to the nearest dollar.) Present value of Scenario 1 Present value of Scenario 2 Present value of Scenario 3 Which scenario yields the highest present value? (1). appears to be the best option. Based on an 8% interest rate, its present value is the (2). Using a 12% interest rate, calculate the present values for each scenario. (Round the amounts to the nearest dollar.) Present value of Scenario 1 Present value of Scenario 2 Present value of Scenario 3 (3) appears to be the best option. Based on a 12% interest rate, its present value is the (4) (1) (2) (3) Scenario 1 Scenario 2 Scenario 3 highest O lowest Scenario 1 Scenario 2 Scenario 3 (4) O highest lowest