Everman City is considering leasing a copy machine for citizens to use in the lobby of city hall. The lease requires a$250initial payment and $500 per year for five years. The cost of the lease is calculated by

Group of answer choices

summing the $250 initial payment and the multiplicative product of 5 times $500 annual payments.

the present value of the 5 $500 annual payments.

summing the $250 initial payment and the future value of the $500 annual payments.

summing the $250 initial payment and the present value of the $500 annual payments.