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 $115,000 and therefore has the following payment options: Payment Today Payment in One Year Total Payment Option 1 $115,000 $ 0 $115,000 Option 2 57,500 63,250 120,750 Option 3 0 132,250 132,250 Required: 1-a. Assuming an annual discount rate of 12%, calculate the present value and the total cost. 1-b. Which option's cost has the lowest present value?

please show all of the work along with what to put in the calculator.