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 have found that you have several retirement options to choose from:

1. An immediate cash payment of $1.16 million.
2. Payment of $54,000 per year for life.
3. Payment of $44,000 per year for 4 years and then $64,000 per year for life (this option is intended to give you some protection against inflation).

You believe you can earn 8 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 Annuityof $1.)(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.)

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15 0.72 points eBook Print References Check my work 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 have found that you have several retirement options to choose from: a. An immediate cash payment of $1.16 million. b. Payment of $54,000 per year for life. c. Payment of $44,000 per year for 4 years and then $64,000 per year for life (this option is intended to give you some protection against inflation). You believe you can earn 8 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 provided. Do not round intermediate calculations. Enter your answers in whole dollars, not in millions. Round the final answer to nearest whole dollar.) Option A $ 1 ,160,000