PA11-5 Comparing Options Using Present Value Concepts [LO 11-S1] After completing a long and successful career as senior vice president for a large bank, you are preparing for retirement. After visiting the human resources office, you have found that you have several retirement options to choose from: a. An immediate cash payment of $1.11 million. b. Payment of $58,000 per year for life. c. Payment of $48,000 per year for 3 years and then $68,000 per year for life (this option is intended to give you some protection against inflation). You believe you can earn 8 percent on your investments and your remaining life expectancy is 6 years. Required: 1. Calculate the net present value of each option. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Enter your answers in dollars but not in millions. Round the final answer to nearest whole dollar.) Net Present Value Option A Option B Option C