Garland Inc. offers a new employee a single-sum signing bonus at the date of employment, June 1, 2021. Alternatively, the employee can receive $46,000 at the date of employment plus $17,000 each June 1 for five years, beginning in 2025. Assuming the employee's time value of money is 9% annually, what single amount at the employment date would make the options equally desirable? (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)

• $49,172

• $91,672

• $54,560

• $97,060