Assuming a discount rate of 6 percent, which of the following has the highest cash value (present value at the date of purchase)? Assume all purchase options below are as at the same date. There will be a single cash flow for all of the alternatives (balloon payments at the end of the financing period).

a. $90,000 in 3 years

b. $60,000 today

c. $120,000 in 8 years

d. $100,000 in 5 years