On January 1, 2025, Sandra Clark signed an agreement, covering 5 years, to operate as a franchisee of Oriole Inc. for an initial franchise fee of $57,000. The amount of $8,000 was paid when the agreement was signed, and the balance is payable in five annual payments of $9,800 each, beginning January 1, 2026. The agreement provides that the down payment is nonrefundable and that no future services are required of the franchisor once the franchise commences operations on April 1, 2025. Sandra Clark's credit rating indicates that she can borrow money at 10% for a loan of this type. Repeat the requirements for part (a), assuming that Oriole must provide services to Clark throughout the franchise period to maintain the franchise value