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 $1.12 million. b. Payment of $60,000 per year for life. c. Payment of $50,000 per year for the first 3 years and then $70,000 per year for the remainder of your life (this option is intended to give you some protection against inflation). You believe you can earn 8 percent on your investments, and your remaining life expectancy is 6 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