The company you work for is deciding between 3 alternative capital investments with different cash outlays. Using time value of money calculations, please calculate the cost of each alternative. Then, choose the scenario which is the least expensive for the company. Please assume that the cost of capital for your company is 8% for all 3 scenarios:

a) $10,000,000 immediate cash. b) $5,000,000 immediate cash and $500,000 payable at the beginning of each quarter for 4 years. c) $700,000 at the end of every 3 months for 5 years and $50,000 at the end of each of the following 5 quarters.