E$9-18($Algo$)$ Using Present Value Concepts for Decision Making LO $9-7$

You have just won the state lottery and have two choices for collecting your winnings. You can collect $$106,000$ today or receive $$20,200$ at the end of each year for the next seven years. A financial analyst has told you that you can earn $8$ percent on your investments.

Required:

Calculate the present value of both the options $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ and PVA of $$1)$I still don't know how to get the factor