2. It is the beginning of 20Y1 and its time to renew your security alarm service! The alarm company offers two plans for three years of coverage. Under the first plan, $1,000 annual payments are due at the end of 20Y1, 20Y2, and 20Y3. Under the second plan, a single payment of $2,500 is due at the beginning of 20Y1 (now). The interest rate is 8%. What is the better deal for you?