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E11-6 (Algo) Comparing Options Using Present Value Concepts [LO 11-S1] After hearing a knock at your front door, you are surprised to see the Prize Patrol from a large, well-known magazine subscription company. It has arrived with the good news that you are the big winner, having won $34 million. You have three options: a. Receive $1.7 million per year for the next 20 years. b. Have $11.5 million today. c. Have $3.25 million today and recelve $1,400,000 for each of the next 20 years. Your financial adviser tells you that it is reasonable to expect to earn 14 percent on investments. Required: 1. Calculate the present value of each option. (Future Value of $1. Present Value of $1. Future Value Annuity of $1, Present Value Annuity of $1 ) 2. Determine which option you prefer. Complete this question by entering your answers in the tabs below. Calculate the present value of each option. (Future Value of \$1,Present Value of \$1, Future Value Annuity of $1, Present Value Annuity of $1.) Note: Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar. Enter your answers in dollars, not in milions. E11-6 (Algo) Comparing Options Using Present Value Concepts [LO 11-S1] After hearing a knock at your front door, you are surprised to see the Prize Patrol from a large, well-known magazine subscription company. It has arrived with the good news that you are the big winner, having won $34 million. You have three options: a. Receive $1.7 million per year for the next 20 years. b. Have $11.5 million today. c. Have $3.25 million today and receive $1,400,000 for each of the next 20 years. Your financial adviser tells you that it is reasonable to expect to earn 14 percent on investments. Required: 1. Calculate the present value of each option. (Future Value of $1. Present Value of $1, Future Value Annuity of $1. Present Value Annuity of $1.) 2. Determine which option you prefer. Complete this question by entering your answers in the tabs below. Determine which option you prefer