Davenport Inc. offers a new employee a lump-sum signing bonus at the date of employment. Alternatively, the employee can take $36,000 at the date of employment and another $56,000, 4 years later. Assuming the employee's time value of money is 8% annually, what lump sum at employment date would make her indifferent between the two options?

$144,000

$72,162

$77,162

$92,000

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