Lights, Camera, and More sells filmmaking equipment. The company offers three purchase options. (1) pay full cash today. (2) pay onehalf 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 $70,000 and therefore has the following payment options: 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? Complete this question by entering your answers in the tabs below. Which option's cost has the lowest present value