Problem 5-3 (Algo) Analysis of aiternatives [LO5-3, 5-8] Hard Hat Company is in the process of purchasing several large pieces of equipment from Machine Corporation. Several financing alternatives have been offered by Machine: 1. Pay $1,080,000 in cash immediately 2. Pay $400,000 immediately and the remainder in 10 annual inistallments of $82,000, with the first instaliment due in one year 3. Make 10 annual installments of $140,000 with the first payment due immediately 4. Make one lump-sum payment of $1,610,000 five years from date of purchase. Required: Determine the best alternative for Hard Hat, assuming that Hard Hat can borrow funds at a(n) 8% interest rate. Note: Round your finol answers to nearest whole dollor amount. Use tables, Excel, or a financial calculator. (FV of Si, PV of S1, EVA of S1. PVA of S1. EVAD of S1 and PVAD of S1) Table I Futere value or 51 Take I farare ualae of \$t Tible I Future vilta ar 11