Julie has just retired. Her company's retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $132,000 immediately as her full retirement benefit. Under the second option, she would receive $15,000 each year for fifteen years plus a lump-sum payment of $51,000 at the end of the fifteen-year period. Required: 1a. Calculate the present value for the following assuming that the money can be invested at 14%. (Use Microsoft Excel to calculate present values. Do not round intermediate calculations.) Present Value of First Option Cash Flow Present Value Lump-sum payment $ 132,000 $ 132,000 Present Value of Second Option Cash Flow Present Value Annual annuity | $ 15,000 Lump-sum payment | $ 51,000 Total present value 1b. If you can invest money at a 14% return, which option would you prefer? First option O Second option