5) You have won the church spring raffle. You are presented with three price choices, and you must pick the best one. The discount rate if 8%.

5) You have won the church spring raffle. You are presented with three price choices, and you must pick the best one. The discount rate if 8%. Choice 1 = $4,800 payment one year from now; Choice 2 = 5 payments of $1,200 starting at the end of this year; Choice 3 = $1,000 payment today and $4,500 at the end of year 4.

5) You have won the church spring raffle. You are presented with three price choices, and youmust pick the best one. The discount rate is 8%. Choice 1 = $4,800 payment one year fromnow; Choice 2...