After completing a long and successful career 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 $1.15 million. b. Payment of $52,000 per year for life. c. Payment of $42,000 per year for the first 4 years and then $62,000 per year for the remainder of your life (this option is intended to give you some protection against inflation). You believe you can earn 9 percent on your investments, and your remaining life expectancy is 8 years. Required: 1. 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.) 2. Determine which option you prefer.