After completing a long and successful carcer as senior vice president for a large bank, you are preparing for retirement. After visiting the human resources office, you found that you have several retirement options to choose from: a. An immediate cash payment of $1.05 million. b. Payment of $65,000 per year for life. c. Payment of $55,000 per year for the first 4 years and then $75,000 per year for the remainder of your life (this option is intended to give you some protection against inflation). You believe you can earn 6 percent on your investments, and your remaining life expectancy is 8 years. Required: 1. Calculate the present value of each option. (Euture 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. Do not round intermediate calculations. Enter your answers in whole dollars, not in millions. Round the final answer to nearest whole dollar