Renting Option You are expected to pay $500 per month for the first year, a rent will increase by $50 per month per year for the next 15 years (e.g., $550 per month for the 2nd year, $600 per month for the 3rd year, etc.). Prepare a schedule showing rent payments for he next 15 years. To simplify the problem, assume rent is paid annually at the end of each year. Discount rate is 5%. Buying Option Annual payments for the next 15 years will be $10,200 (at the end of each year). Calculate the present value of the buying option, using 5% as the discount rate. 1) Determine the present value of the renting option (rounded 2) Determine the present value of the buying option (rounded 3) Based your calculation, which option is preferred? Any to the nearest dollar). to the nearest dollar) other considerations you think should be considered in the real world