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 $1,150,000 in cash immediately. Pay $460,000 immediately and the remainder in 12 annual installments of $80,000, with the first installment due in one year. Make 12 annual installments of $135,000 with the first payment due immediately. Make one lump-sum payment of $1,630,000 five years from date of purchase. Required: Determine the bes