Exercise 11A-2 Basic Present Value Concepts [LO11-5] Julie has just retired. Her company's retirement program has two options as to how retirement benefits can be received. Under the first option, Julie would receive a lump sum of $157,000 immediately as her full retirement a lump-sum Click here to view Exhibit 11B-1 and Exhibit 11B-2 to determine the appropriate discount factor(s) using tables. Required 1a Calculate the present value for the following assuming that the money can be invested at 12%. (Use the appropriate table to determine the discount factor(s).) Presantalue of First Opton Cash Flow x Discount Factor Present Value Present:/lue af Secona Opticn Cash Flow Discount Factor Present Value Total present value lb. If you can invest money at a 12% return, which option would you prefer? O First option OSecond option