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: 1. Pay $1,050,000 in cash immediately. 2. Pay $420,000 immediately and the remainder in 12 annual installments of $85,000, with the first installment due in one year. 3. Make 12 annual installments of $136,000 with the first payment due immediately. 4. Make one lump-sum payment of $1,510,000 five years from date of purchase. Determine the present value, assuming that Harding can borrow funds at an 4% interest rate, for all four alternatives