Exercise C-5 Calculate the present value of a single amount (LOC-2) 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 $75,000 and therefore has the following payment options: Option 1 Option 2 Option 3 Payment Today $75,000 37,500 0 Payment in One Year $ 0 41,250 86,250 Total Payment $ 75,000 78,750 86,250 Required: 1-a. Assuming an annual discount rate of 12%, calculate the present value and the total cost. (FV of $1. PV of S1, EVA of S1, and PVA of $1) (Use appropriate factor(s) from the tables provided. Round your answers to 2 decimal places.) Payment Today Present Value of Payment in One Year Total Present Value (or Total Cost) Option 1 Option 2 Option 3 1-b. Which option's cost has the lowest present value? O Option 1 O Option 2 O Option 3