Today One Year Payment Option 1 Option 2 $ 75,000 37,500 0 $ 0 41,250 86,250 Option 3 Required: $ 75,000 78,750 86,250 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. Req 1A Req 1B Assuming an annual discount rate of 11%, calculate the present value and the total cost. Note: Use tables, Excel, or a financial calculator. Round your answers to 2 decimal places. (FV of $1, PV of $1, FVA of $1, and PVA of $1) Payment Today Present Value of Payment in One Year Total Present Value (or Total Cost) Option 1 Option 2 Option 3 < Req 1A Req 1B > Check