You are considering whether to take a two-year or a three-year membership in a local health club. The two-year membership has an initial fee of $40, and then an annual fee of $50 at the end of each of the next two years. The three-year membership has an initial fee of $60, and an annual fee of $40 at the end of each of the next three years. Using a 10% discount rate if needed, which membership is better? What is the equivalent annual cost of each?