Vincent Black Lightning requires $$1,000,000$ in financing over the next three years. The firm can borrow the funds for three years at $8$ percent interest per year. Vincent decides to do forecasting and predicts that if he utilizes short$-$term financing instead, he will pay $4$ percent interest in the first year, $7$ percent in the second year, and $12$ percent interest in the third year.a$.$ Determine the total three$-$year interest cost under each plan.TotalInterest costFixed cost financingVariable short$-$term financingb. Which plan is less costly$?$ Fixed cost plan Short$-$term plan