maining Time: 1 hour, 42 minutes, 13 seconds. muestion Completion Status: Skippy had been offered two alternative payment options to pay for his new speed boat. Alternative 1 involves an initial payment of $3.0 payments of $250 for 3 years. Alternative 2 involves so initial payment but monthly payment of $500 for 2 years. For both alternatives, payment ($250 and $500) occur at the end of month 1. Assume the releveant discount rate is 9% annual interst compounded monthly I alternative 1 is: O A cheaper by about $39. B. cheaper by about 583 C. cheaper by about $3,083 D. more expensive by about $83 O E. has equal cost to alternative 2