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 $1.16 million. b. Payment of $54,000 per year for life. c. Payment of $44,000 per year for the first 5 years and then $64,000 per year for the remainder of your life (this option is intended to give you some protection against inflation). You believe you can earn 10 percent on your investmentsyand your remaining life expectancy is 10 years. Required: 1. Calculate the present value of each option. Future Value of \$1. Present Value of \$1, Euture Value Annuity of \$1, Present Value Annuly of 51 ) 2. Determine which option you prefer. 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. Show less A