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A construction firm wants to buy a building site and has the choice between three different payment schedules: 1. Pay $67,000 in cash. 2. Pay $12,000 per year for 8 years, where the first installment is to be paid at once. 3. Pay $22,000 in cash and thereafter $7000 per year for 12 years, where the first installment is to be paid after 1 year