After hearing a knock at your front door, you are surprised to see the Prize Patrol from a large, well-known magazine subscription company. It has arrived with the good news that you are the big winner, having won $36 million. You have three options.

(a) Receive $1.8 million per year for the next 20 years.

(b) Have $12 million today.

(c) Have $2 million today and receive $1,500,000 for each of the next 20 years.

Your financial adviser tells you that it is reasonable to expect to earn 13 percent on investments.

Required: 1. Calculate the present value of each option. (Future Value of $1, Present Value of $1, Future Value Annuity of $1, Present Value Annuity of $1.) (Use appropriate factor(s) from the tables provided. Round your final answer to the nearest whole dollar. Enter your answers in dollars, not in millions.)