Starting a 5 year double degree at Monash, student services offers a choice between 2 ways of paying for your school fees.

The first choice is for a fixed payments of $30,000 paid at the beginning of each year for 5 years.

The second choice is for a first payment of $25,000 paid at the end of your first year, increasing by 7% each year till your final year.

Using a discount rate of 10% p.a., which should you choose and what is the cost of that choice?