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When Pacific Inc. bid for a project with the government, the company was offered the...

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Finance

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When Pacific Inc. bid for a project with the government, the company was offered the following two payment options: Option (A): A payment of $690,000 at the end of 3 years, which is the scheduled completion time for the project. Option (B): $200,000 paid upfront at the beginning of the project and the balance payment in 3 years. If the two payments are financially equivalent and the interest rate is 3.60% compounded monthly, calculate the balance payment offered in Option(B). Round to the nearest cent

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