Dr. Libby has 3 retirement options: (1) receive an immediate cash payment of $750,000; (2) receive $600,000 now with another 300,000 paid in a single payment at the end of 10 years; or (3) receive $65,000 per year for life (assume a life expectancy of 20 years). Dr. Libby has determined that he can earn 6% annual interest on his investments. All else equal, which option is more beneficial?