Comparison of Alternatives On January 1, 2014, Chen Yu's Office Supply Store plans to remodel the store and install new display cases. Chen has the following options of payment. Chen's interest rate is 8%. a. Pay $180,000 on January 1, 2014. b. Pay $196,200 on January 1, 2015 C. Pay $220,500 on January 1, 2016. d. Make four annual payments of $55,000 beginning on December 31, 2014 Required: Calculate the present value of each option as of January 1, 2014. Round all calculations to the nearest dollar. Use the appropriate present or future value table that may be found by clicking on the Present & Future Values button. Be sure to use the full factor when calculating the present value Present value Option a Option b Option c Option d