1. You just won the Virginia lottery. To receive your winnings, you must select only one of the following choices:

1. You receive $1,000,000 a year at the end of each of the next 20 years.

2. You receive $12,890,000 at the end of the second year

3. You can receive a one-time payment of $11,470,000 today.

Assuming that the current interest rate is 6%. Which option is most valuable?

Show excel formulas and show value of each choice and then pick which is most valuable.