Hard Hat Company is in the process of purchasing several large pieces of equipment from Machine Corporation. Several financing alternatives have been offered by Machine: Pay $1,160,000 in cash immediately. Pay $461,000 immediately and the remainder in 10 annual installments of $94,000, with the first installment due in one year. Make 10 annual installments of $156,000 with the first payment due immediately. Make one lump-sum payment of $1,730,000 five years from date of purchase. Required: Determine the best alternative for Hard Hat, assuming that Hard Hat can borrow funds at a(n) 8% interest rate. Note: Round your final answers to nearest whole dollar amount. Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA