1. A project requires 600 If of fencing for a storage area. The purchase price of fencing is $4.40 If , The initial salvage value of a new fence starts at $1.00 /f and is reduced at the rate of 25% per yerA fence can be rented for $1.50/ If per year but has no salvage value. The interest rate is 4%. The project duration (years) at which it first becomes cheaper to purchase rather than to rent is most nearly: A. 2.5 B. 2.8 C. 3.2 D. 3.5