Solve completely with all steps

Choose option below

The expensive house

The cheaper house

Which house detailed in the table below has the lower present worth (is cheaper overall)? Use the following assumptions: . i=5% - The houses are identical - You will have one child - Your child will be in school for 8 years - You are making this decision 1 year before the first annual tuition payment is due - Only consider the costs shown in the table below; no taxes, etc. - All payments are annual - Your answer can be an estimate if you show enough of the supporting work