Problem 9. Your client is considering the purchase of $100000 in common stock which pays no dividends and will appreciate in market value by 10 percent per year. At the same time the client is considering an opportunity to invest $100000 in a lease obligation that will provide the annual year-end cash flows listed in Exhibit 14.23 below. Assume that each investment will be sold at the end of three years and that you are given no additional information.Calculate the present value of each of the two investments assuming a 10 percent discount rate and state which one will provide the higher return over the three year period. Use the data in Exhibit 14.23 and show your calculations.Exhibit 14.23End of Year1 $02 lease receipts $150003 lease receipts $250004 Sales proceeds $100000Present value of $1Period 6% 8% 10% 12%1 0.943 0.926 0.909 0.8932 0.890 0.857 0.826 0.7973 0.840 0.794 0.751 0.7124 0.792 0.735 0.683 0.6365 0.747 0.681 0.621 0.567