Robin briggs, a wealthy private investor, had beenapproached by union finance company on theprevious day. it seemed that union finance wasinterested in loaning money to one of its larger clients, but the client’s demands were such that union couldnot manage the whole thing. specifically, the clientwanted to obtain a loan for $385,000, offering to repayunion finance $100,000 per year over 7 years. union finance made briggs the followingproposition. since it was bringing briggs business, itsdirectors argued, they felt that it was only fair forbriggs to put up a proportionately larger share of themoney. if briggs would put up 60% of the money($231,000), then union would put up the remaining40% ($154,000). they would split the paymentsevenly, each getting $50,000 at the end of each year forthe next 7 years. a. union finance can usually earn 18% on itsmoney. using this interest rate, what is the netpresent value of the client’s original offer tounion? b. robin briggs does not have access to the sameinvestments as union. in fact, the best availablealternative is to invest in a security earning10% over the next 7 years. using this interestrate, what is briggs’s net present value of the offer made by union? should briggs accept the offer? c. what is the net present value of the deal tounion if briggs participates as proposed? d. the title of this case study is "the value ofpatience." which of these two investors is morepatient? why? how is this difference exploitedby them in coming to an agreement?