Edward has just won a Ferrari. He is thinking of selling the Ferrari and starting a new business. He receives an offer to invest in a joint venture that promises him:

• Option 1: RM500,000 every year for the next 12 years at a prevailing rate of 10%.
• Option 2: RM1 million every year for the next 6 years at a prevailing rate of 5%.
• Option 3: RM3 million and RM4 million at the beginning of years 3 and 7, respectively, at a prevailing rate of 6%.

Which is the best option for him?