Hello, I need help with Option 2 A & B. I need the formulas so I know how to calculate as well.

Steven has just won the Flyball Lottery. He has two options for receiving his prize. The rst option is to accept a $128,000 cash payment today. The second option is to receive $24,000 at the end of each of the next 19 years and a $29,000 lump sum payment in the 20th year. Steven can invest money at a 7% rate. Click here to view the factor table. (a) Calculate the present value of the two options. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round nal answer to 0 decimal place, (-1.3. 58,971.) Option 1 Option 2 Present value $ 128000 $ 547808 Which option should Steven choose to receive his winnings? Option 2 V (b) If Steven could invest money at 10%, calculate the present value of the two options. (For calculation purposes, use 4 decimal places as displayed in the factor table provided and round nal answer to 0 decimal place, e.g. 58,971.) Option 1 Option 2 $ $ Which option should he choose? Option 2 V