Payment Option 2:

RM1,000,000 immediate payment

RM600,000 at the end of each year for the next five years

RM900,000 a year at the end of years six through twenty

A lump sum payment of RM3,000,000 at the end of year 20

assuming a discount rate of 5.5 percent. You are required to use the relevant formulas and all workings must be typed in your report; the use of Excel is not allowed. Quote your answer in 2 decimal points.