Assuming a discount rate of 7%, which of the following options is the most valuable:

a. a lump sum of $100,000, received at the END of year 7.

b. a perpetuity of $100,000 per year, with the first payment occurring at the BEGINNING of year 7.

c. An Annuity due of $100,000 per year for 7 years, with the first payment occurring at the BEGINNING of year 7.

d. An ordinary annuity of $100,000 per year for 7 years, with the first payment occurring at the END of year 7.