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: 1. Pay $1,000,000 in cash immediately. 2. Pay $420,000 immediately and the remainder in 10 annual installments of $80,000, with the first installment due in one year. 3. Make 10 annual installments of $135,000 with the first payment due immediately. 4. Make one lump-sum payment of $1,500,000 five years from date of purchase. Required: Determine the best alternative for Hard Hat, assuming that Hard Hat can borrow funds at an 8% interest rate. Vote: Round your final answers to nearest whole dollar amount. Use tables, Excel, or a financial calculator. (FV of $1,PV of $1,FVA of $1, PVA of $1, FVAD of $1 and PVAD of \$1)