Comparison of Alternatives On January 1, 2016, 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, 2016. b. Pay $196,200 on January 1, 2017. c. Pay $220,500 on January 1, 2018. d. Make four annual payments of $55,000 beginning on December 31, 2016. Use the appropriate present or future value table: FV of $1, PV of $1, FV of Annuity of $1 and PV of Annuity of $1 Required: Calculate the present value of each option as of January 1, 2016. Round all calculations to the nearest dollar. Be sure to use the full factor when calculating the present value. Present value Option a $ 180,000 Option b tA 181,667 Option c 189,043 Option d $ 203,704 X