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.	$60,000 today
	b.	$120,000 in 8 years
	c.	$90,000 in 3 years
	d.	$100,000 in 5 years