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 $105,000 and therefore has the following payment options: Option 1 Option 2 Payment Today $105,000 Payment in One Year Total Payment 52,500 0 $ 0 57,750 120,750 $105,000 110,250 120,750 Option 3 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? Answer is not complete. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Assuming an annual discount rate of 11%, calculate the present value and the total cost. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) Req 1A Req 1B Assuming an annual discount rate of 11%, calculate the present value and the total cost. (FV of $1, PV of $1, FVA of $1, and PVA of $1) (Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places.) Payment Today Present Value of Payment in One Year 0 Total Present Value (or Total Cost) 105,000.00 Option 1 $ 105,000 Option 52,500 2 Option 0 3 < Req 1A Req 1B >