Save & Exit Submit Exercise C-4 Calculate the present value of a single amount (LOC-2) Ray and Rachel are considering the purchase of two deluxe kitchen ovens. The first store offers the two ovens for $1,500 with payment due today. The second store offers the two ovens for $1,700 due in one year. s Required: 1-a. Assuming an annual discount rate of 8%, calculate the present value. (FV of $1, PV of $1. FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Present Value Store 1 Store 2 1-b. From which store should Ray and Rachel buy their ovens? Store 2 O Store 1