J. Hartney, president of Doyle Industries, has a choice of three bonus contract. The fist option is to receive an immediate cash payment of $25,000. The second option is a deferred payment of $60,000, to be received in eight years. The final option is to received an immediate cash payment of $5,000, a deferred payment of $27,000 to be received in three years, and a deferred payment of $20,000 to be received in twenty years. Assume that the relevant interest rate is 9 percent. Which bonus option should Hartney accept and why?