After completing a long and successful career as senior partner at Pearson Hardman, you are preparing for retirement. After visiting the human resources office, you have found that you have several retirement options: (1) you can receive an immediate cash payment of $1 million, (2) you can receive $60,000 per year for life (your remaining life expectancy is 20 years), or (3) you can receive $50,000 per year for 10 years and then $70,000 per year for life (this option is intended to give you some protection against inflation). You have determined that you can earn 8 percent on your investments. Use the financial calculator app. (Use Excel or a financial calculator.) Required: a. Determine today's value of the following payment options. b. Which payment option do you prefer? Complete this question by entering your answers in the tabs below. Required A Required B Determine today's value of the following payment options. (Round your answers to the nearest whole dollar amount. Enter the answers in dollars, not millions of dollars, i.e., 1,234,567.) Present Value 1. $1 million today 2. $60,000 per year for life 3. $50,000 per year for 10 years and then $70,000 per year for life