A business has two investment choices. Alternative 1 requires an immediate outlay of $2,200 and offers a return of $6,000 in nine years. Alternative 2 requires an immediate outlay of $6,100 in return for which $500 will be received at the end of every six months for the next nine years. The required rate of return on investment is 8% semi-annually. Compute the net present value of each alternative and determine which investment should be accepted or rejected according to the net present value criterion.