New Med Corporation is a rapidly growing biotech company that has a required rate of return of 12%. It plans to build new facility in Santa Clara County. The building will take 2 years to complete. The building contractor offered New Med a choice of three payment plans, as follows: (Click the icon to view the data) Present Value of $1 table Present Value of Annuity of $1 table Future Value of $1 table Future Value of Annuity of $1 table Read the requirements .. Requirement 1. Using the net present value method, calculate the comparative cost of each of the three payment plans being considered by New Med. (Round your final answers to the nearest whole dollar.) The net present value cost of Plan I is The net present value cost of Plan Il is The net present value cost of Plan Ill is Requirement 2. Which payment plan should New Med choose? Explain. BO X More info R hsidered in selecting an appropriate payment plan. B 1 Plan I: Payment of $175,000 at the time of signing the contract and $4,700,000 upon completion of the building. The end of the second year is the completion date. Plan II: Payment of $1,600,000 at the time of signing the contract and $1,600,000 at the end of each of the 2 succeeding years. Plan III: Payment of $225,000 at the time of signing the contract and $1,525,000 at the end of each of the 3 succeeding years. N