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 $127,000 immediately as her full retirement benefit. Under the second option, she would receive $14,000 each year for ten years plus a lump-sum payment of $53,000 at the end of the ten-year period. Click here to view Exhibit 11B-1 and Exhibit 11B-2, to determine the appropriate discount factor(s) using tables. Required: 1a. Calculate the present value for the following assuming that the money can be invested at 11%. (Use the appropriate table to determine the discount factor(s).) Present Value of First Option Cash Flow * Discount Factor - Present Value Lump-sum payment Present Value of Second Option Cash Flow Discount Factor = Present Value Annual annuity Lump-sum payment Total present value