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Vincent Black Lightning requires $1,040,000 in financing over the next three years. The firm can borrow the funds for three years at 7 percent interest per year. Vincent decides to do forecasting and predicts that if he utilizes short-term financing instead, he will pay 3 percent interest in the first year, 5 percent in the second year, and 11 percent interest in the third year a. Determine the total three-year interest cost under each plan b. Which plan is less costly? Fixed cost plon Short-term plan