A certain manufacturing plant is being sold and was submitted for bidding. Two bids were submitted by interested buyers. The first bid offered to pay 200,000 pesos each year for 5 years, each payment being made at the beginning of each year. The second bidder offered to pay 120,000 pesos the first year, 180,000 pesos the second year, and 270,000 pesos each year for the next three years, all payments being made at the beginning of each year. If money is worth 12% compounded annually, which bid should the owner of the plant accept?