You are contemplating membership in the St. Swithin's and Ancient Golf Club. The annual membership fee for the coming year is $6,600, but you can make a single payment today of $13,000, which will provide you with membership for the next three years. Suppose that the annual fee is payable at the end of each year and is expected to increase by 7.6% a year. The discount rate is 20%. Which is the better deal