Exercise 5-9 (Algo) Noninterest-bearing note; single payment (LO 5-5) Lights, Camera, and More sells filmmaking equipment. The company offers three purchase options: (1) pay full cash today, (2) pay one-half down and the remaining one-half plus 10% in one year, or (3) pay nothing down and the full amount plus 15% in one year. George is considering buying equipment from Lights, Camera, and More for $85,000 and therefore has the following payment options: Required: 1.a. Assuming an annual discount rate of 11%, calculate the present value and the total cost. 1.b. Which option's cost has the lowest present value? Complete this question by entering your answers in the tabs below. Assuming an annual discount rate of 11%, calculate the present value and the total cost. Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of \$1, PV of \$1, FVA of \$1, and PVA of \$1) Which option's cost has the lowest present value