(Note diff in values given, not the same as existing question on chegg)

EcoFriend Ltd must invest in a pollution-control program. Two programs available to EcoFriend: (a) an all-at-once program that will be immediately funded and implemented, and (b) a gradual program that will be phased in over the next three years. The immediate program will cost $7 million, whereas the phase-in program will cost $2 million today and $1.5 million per year for the following three years. If the cost of capital for EcoFriend is 13%, which pollution-control program should EcoFriend select? (Assume both programs are identical in terms of pollution control effectiveness)