Investor Inc. is considering two options for an investment in equipment with a useful life of 5 years and no salvage value: a. Purchase equipment in cash today for $50,000. b. Finance the equipment by paying $11,000 at the end of each period for the next 5 years, assuming an interest rate of 5%. Determine the lower cost option and the savings by choosing that option. Note: Do not use a negative sign with your answers. Present value of option (a): $ 39,735.291 Present value of option (b): $ 45,526.631 Preferred option: Option b Cost savings: $ 5,790.34