After completing a long and successful career as senlor 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 million b. Payment of $92,000 per year for life c. Payment of $82,000 per year for the first 10 years and then $95,000 per year for the remainder of your life (this option is intended to give you some protection against inflation) You belleve you can earn 8 percent on your investments, and your remaining life expectancy is 20 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 $1.1 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. Enter your answers in dollars but not in millions. Round your answer to 2 decimal places. Determine which option you prefer