congradulations you have won the state lottery. the state lottery offers you the following (after tax) payout options

option 1 12,000,000 after 5 years

option 2 2,300,000 per year for five years

option 3 11,000,000 affter three years

assuming you make 8% on your funds which is the best option please list present value of each option and the highest present value using the 8% discount rate option that is the most favorable