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Exercise 10-2A (Algo) Determining the present value of a lump-sum future cash receipt LO 10-1 Larry Mattingly turned 20 years old today. His grandfather had established a trust fund that will pay him $89,000 on his next birthday. However, Larry needs money today to start his college education, and his father is willing to help. Mr. Mattingly has agreed to give Larry the present value of the $89,000 future cash inflow, assuming a 6 percent rate of return. (PV of $1 and PVA of $1) (Use appropriate factor(s) from the tables provided.) Required a. Determine the amount of cash that Larry Mattingly's father should give him. (Round your final answer to the nearest whole dollar value.) Cash Problem 10-20A (Algo) Using the payback period and unadjusted rate of return to evaluate alternative investment opportunities LO 10-4 Seth Fitch owns a small retail ice cream parlor. He is considering expanding the business and has identified two attractive alternatives. One involves purchasing a machine that would enable Mr. Fitch to offer frozen yogurt to customers. The machine would cost $8,040 and has an expected useful life of three years with no salvage value. Additional annual cash revenues and cash operating expenses associated with selling yogurt are expected to be $6,030 and $880, respectively. Alternatively, Mr. Fitch could purchase for $9,720 the equipment necessary to serve cappuccino. That equipment has an expected useful life of four years and no salvage value. Additional annual cash revenues and cash operating expenses associated with selling cappuccino are expected to be $8,350 and $2,350, respectively. Income before taxes earned by the ice cream parlor is taxed at an effective rate of 20 percent. Required a. Determine the payback period and unadjusted rate of return (use average investment) for each alternative. (Round your answers to 2 decimal places.) Alternative 1 Alternative 2 years years Payback period Unadjusted rate of return % %