3. Your client has just won the Golden Basket lottery which gives the choice of prize being either a house and land package with a current market value of $500,000 or receiving cash totalling $600,000 paid in three instalments of $200,000, $150,000 and $250,000 respectively. If she chooses the cash alternative, the first of amount will be paid at the end of two years from today's date and the next and subsequent amount will be paid at the end of three years from the date of the previous instalment. If she uses a nominal rate of 6.5% p.a. compounded monthly as her time value of money, use appropriate calculations to determine whether she should accept the house and land package or the cash instalment alternative. She would like you to draw appropriate timeline(s) to demonstrate your calculations.