Your company needs fresh cash (10 Mio ). In the board meeting the CFO was proposing 10,000 bonds with yield to maturity of 100 % for a) 1 or b)2 years with face values of 1,000 and coupons of i) 10 or ii) 100 . Your bank manager offers you an annuity loan of 10,000,000 with a duration of a) 1 or b) 2 years, with an interest rate of 100 %. Calculate the present values of the 6 options. The average hurdle rate (cost of capital) is 10%. Evaluate, which solution the CFO should decide for.