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 $$34$ million. You have three options:

a$.$ Receive $$1\mathrm{.}7$ million per year for the next $20$ years.

b$.$ Have $$11\mathrm{.}5$ million today.

c$.$ Have $$3\mathrm{.}25$ million today and receive $$1,400,000$ for each of the next $20$ years.

Your financial adviser tells you that it is reasonable to expect to earn $14$ percent on investments.

Required:

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.)$

Determine which option you prefer.