Exercise C-5 Calculate the present value of a single amount (LOC-2) 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 $65,000 and therefore has the following payment options: Option 1 Option 2 Option 3 Payment Payment in Today One Year $65,000 $ 0 32,500 35,750 74,750 Total Payment $ 65,000 68,250 74,750 Required: 1-a. Assuming an annual discount rate of 10%, calculate the present value and the total cost. (EV of $1. PV of $1. FVA of $1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Payment Today Present Value of Payment in One Year Total Present Value (or Total Cost) Option 1 Option 2 Option 3 1-6. Which option's cost has the lowest present value? Option 1 Option 2 Option 3