Alison wants to rent a storage locker to store her possessions while she travels in Europe for the next year. The storage operator has quoted her a price of $118.50 per month, payable at the start of each of the next 12 months. Alternately, Alison can make a single payment of $1350 at the start of the contract. Which alternative is economically preferable to Alison if she will be borrowing money at a rate of 8% compounded quarterly to fund the expense? In current dollars, how much will Alison save by selecting the preferred alternative?