A company has a policy of requiring a rate of return on investment of 16%. Two investment alternatives are available but the company may choose only one. Alternative 1 offers a return of $30,000 at the end of year three, $60,000 at the end of year seven and $50,000 after ten years. Alternative 2 will return the company $1,200 at the end of each month for the next ten years. Compute the present value of each alternative and determine the preferred alternative according to the discounted cash flow criterion. The present value of Alternative 1 is $ (Round to the nearest dollar as needed. Round all intermediate values to six decimal places as needed.) The present value of Alternative 2 is $ (Round to the nearest dollar as needed. Round all intermediate values to six decimal places as needed.) The preferred choice is