A contractor is in need of 10,000 square feet of storage space to store its spoilable materials to be used in a project that will be completed in 3 years. The contractor is considering the purchase of an acre of land for $8,000 and erecting a temporary metal structure at a cost of $7 per square foot. At the end of the three-year period, the contractor expects to be able to sell the land for $9,000 and the building for $12,000. Alternatively, the contractor can lease storage space for $0.15 per square foot per month payable at the beginning of each year. If the contractor's minimum attractive rate of return is 10%, which type of storage space should be used? Use the present worth method of analysis.