10/4/2019Assignment Print View…2/33.Award:2 out of 2.00 pointsAnswer each of the following independent questions.Alex Meir recently won a lottery and has the option of receiving one of the following three prizes: (1) $70,000 cash immediately, (2)$24,000 cash immediately and a six-period annuity of $8,100 beginning one year from today, or (3) a six-period annuity of $14,500beginning one year from today. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)(Use appropriate factor(s)from the tables provided.)1.Assuming an interest rate of 7%, determine the present value for the above options. Which option should Alex choose?2.The Weimer Corporation wants to accumulate a sum of money to repay certain debts due on December 31, 2030. Weimer will makeannual deposits of $130,000 into a special bank account at the end of each of 10 years beginning December 31, 2021. Assuming that