An expenditure may be met by outlays of $1700 now and $2210 at the end of every six months for 6 years or by making monthly payments of $500 in advance for seven years. Interest is 11% compounded annually. Determine the preferred alternative. Select one: a. semi-annual payments preferred, saving $9,672 b. semi-annual payments preferred, saving $9,031 c. semi-annual payments preferred, saving $10,824 d. monthly payments preferred, saving $13,780