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Computing PBO; Comparison to Defined Contribution Plan Hewlatt-Inc, is considering the implications of establishing a defined benefit plan for its employees with the following three annual benefit payment options. 1. Annual retirement benefit =29% Final annual salary Years of service; benefits would vest each year by 10% until the employee is 100% vested. 2. Annual retirement benefit =19. Final annual salary Years of service; benefits would vest each year by 10% until the employee is 100% vested. 3. Lump sum payment at retirement date equal tathe present value of the annual retirement benefit described in option 1 , and assuming a 15 year retirement period. The company determines that the average employee has a current annual salary of $50,000, is projected to earn $65,000 annually at the projected retirement date of 20 years from now, and will have an average retirement period of 15 years. Required a. After the first year of service, determine the present value of the PBo retirement cash flow stream for each option, 1 through 3 , measured at the retirement date, and assuming a 6% discount rate and 300 employees. Note: Do not round numbers unt the final