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: Payment Today Payment in One Year Option 1 Option 2 Option 3 $ 105,000 52,500 $ 0 57,750 0 120, 750 Total Payment $ 105,000 110,250 120, 750 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