Carl Hightop, a popular basketball player, has been offered a two$-$year salary deal. He can either accept $$1,600,000$ now or accept monthly amounts of $$70,000$ payable at the end of each month. If money can be invested at $6\mathrm{.}6\%$ compounded annually, which option is the better option for Carl and by how much?

Which option is better? Lump sum or monthly payments? And its better by how much?