6. You won the big prize in the California lottery and you have to choose one of the following two payment plans:

Payment Plan 1: If you choose this payment plan, you will receive semiannual payments for a fixed period of time. The first payment of Rs. 150,000 will be paid on January 01, 2007 and it will grow by 2% every six months. You will receive the last payment on January 01, 2016

Payment Plan 2: If you choose this payment plan, you will receive yearly payments for 10 years. You will receive your first payment on January 01, 2007 and your last payment on January 01, 2016. However the payment amount in odd years is Rs. 200,000 whereas the payment amount in even years is Rs. 500,000.

Assuming the interest 8% compounded semiannually. If your decision is solely based on the present value of cash flows streams corresponding to the payment plans, which payment plan would you choose