Harding Company is in the process of purchasing several large pieces of equipment from Danning Machine Corporation. Several financing alternatives have been offered by Danning:(FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1andPVAD of $1)(Use appropriate factor(s) from the tables provided.)

1.	Pay $1,090,000 in cash immediately.
2.	Pay $491,000 immediately and the remainder in 10 annual installments of $76,000, with the first installment due in one year.
3.	Make 10 annual installments of $145,000 with the first payment due immediately.
4.	Make one lump-sum payment of $1,760,000 five years from date of purchase.

Required:

Determine the present value, assuming that Harding can borrow funds at an 9% interest rate for each one.