7) On August 1, 2016, Jason purchased machinery from Morgan for expanding its production operation. Morgan has given Jason three options for payment: a. $300,000 in cash now b. $150,000 down payment now and $50,000 per year for the next ten years beginning August 1, 2017 c. $100,000 now and $100,000 per year for five years beginning August 1, 2017 Required: Determine which of the above payment plans Jason should choose.The effective annual interest rate is expected to be 12% during this period.