Meals on Wheels are considered two contracts to renovate its facilities. The first

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Meals on Wheels are considered two contracts to renovate its facilities. The first contractor wants $20,000 for the job and, with a maintenance fee of $1,000 per year, will guarantee the repairs for five years. The second contractor wants $14,000 for the same project and, with a maintenance fee of $1,500 per year, will guarantee the project for four years. Assuming a discount rate of 8%, which option is the better deal for Meals on Wheels? Why?

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