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 $$1,000,000$ in cash immediately.

Pay $$450,000$ immediately and the remainder in $10$ annual installments of $$83,000,$ with the first installment due in one year.

Make $10$ annual installments of $$145,000$ with the first payment due immediately.

Make one lump$-$sum payment of $$1,620,000$ five years from date of purchase.

Required:

Determine the best alternative for Hard Hat, assuming that Hard Hat can borrow funds at a$($n$)10\%$ 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 of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

$\backslash$table$[[,],[$Option $1,],[$Option $2,$PV$],[$Option $3,],[$Option $4,],[$The best alternative for Hard Hat,$]]$