Congratulations are in order!!!! You have just been advised by Loto$-$Qu$$bec that you won the lottery jackpot of $$1,000,000!!!$ You know however to read the fine print and after doing so$,$ you realize that you must choose how you will accept this payment under two options::

$1.$ Accept the $$1,000,000$ over $20$ years $($$$50,000$ per year$)$; or$,$

$2.$ Take a lump$-$sum payment of $$750,000$

You know that you could invest at $6\%$ compounded monthly. You assume that this rate won't change over $20$ years. Which would be the highest$-$paying option?

Select one:

a$.$

Take the $$1,000,000$ option with payout over $20$ years as it will provide a future value of $$2,582,421$

b$.$

It does not matter which option you select as both options are equivalent

c$.$

Take the lump sum of $$750,000$ as it will provide a future value of $$2,582,421$

d$.$

Take the lump sum of $$750,000$ as it will provide a difference in future value of $$609,853$ over the $$1,000,000$ option with payout over $20$ years

e$.$

Take the $$1,000,000$ option with payout over $20$ years as it will provide a future value of $$1,872,800$