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 $70,000 and therefore has the following payment options:Payment Today Payment inOne Year Total Payment Option 1 $80,000 $ 0 $80,000 Option 2 40,000 44,000 84,000 Option 3 0 92,000 92,000 Required:1-a. Assuming an annual discount rate of 11%, calculate the present value and the total cost. (FV of $1, PV of $1, FVA of $1, and PVA of $1)