1 Problem 5-3 (Algo) Analysis of alternatives [LO5-3,5-8] Book Print Hard Hat Company is in the process of purchasing several large pieces of equipment from Machine Corporation. Several financ alternatives have been offered by Machine 1. Pay $1,160,000 in cash immediately. 2. Pay $461,000 Immediately and the remainder in 10 annual installments of $94,000, with the first installment due in one yea 3. Make 10 annual Installments of $156,000 with the first payment due immediately. 4. Make one lump-sum payment of $1,730,000 five years from date of purchase Required: Determine the best alternative for Hard Hat, assuming that Hard Hat can borrow funds at a(n) 8% Interest rate Note: Round your final answers to nearest whole dollar amount. Use tables, Excel, or a financial calculator (EV of $1. PV of $1. of $1. PVA of $1. FVAD of $1 and PVAD of $1) Option 1 Option 2 Option 3 Option 4 The best alternative for Hard Hat PV S 1,160,000