Fred Hugh, a recent graduate with an engineering degree, has two job offers, one from Asia and Another one from Europe. The European compnay, in addition to regular monthly salary, will pay a $20,000 year-end bonus at the end of the first year that will increase at the rate 6%. The Asian company will pay a fixed bonus of $35,000 every year at the end of the year. If Fred plans to work overseas for 5 years and he considers the interest rate to be about 8%. Determine which offer would be better assuming the cost of living in both the countries are the same.