Assume that Sonic Foundry Corporation has a contractual debt outstanding. Sonic has available two means of settlement. It can either make immediate payment of $$2,512,000,$ or it can make annual payments of $$289,600$ for $15$ years.

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Payments must begin now and be made on the first day of each of the $15$ years. What payment method would you recommend assuming an expected effective$-$interest rate of $8\%$ during the future period? $($Round factor values to $5$ decimal places, e$.$g$.1\mathrm{.}25124$ and final answer to $0$ decimal places, e$.$g$.458,581.)$

Present value of annual payment $

Recommended payment method