At a discount rate of 15%, which of the following would be preferred by an investor?

a.A lump sum of $7,000 to be received at the end of eight years.

b.$400 at the end of years 15 and $500 at the end of years 610.

c.A growing cash stream with first cash flow of $225 and a growth rate of 6%.

d.$365 at the beginning of every year for the next twelve years.