A contractor has an opportunity to work on a small project with the information regarding his paychecks and the project's associated costs (all at a 2% interest rate per year). To accept or decline the offer, he needs to make sure that working on this project is beneficial to his current balance. Evaluate its feasibility by finding the current balance based upon the information below: Here is what the contractor expects to be paid during his work and after the final completion: Periodically: 5 paychecks starting from now, each $500 Last single paycheck: At the end of year 4, $8000 Here is what the contractor needs to rent: Loader: After a year from now (year 1), for 3 years, the annual rent of $600 with an increasing rate of $100 Excavator: For 4 years starting from now, the annual rent of $800