Emily has won the grand prize in a lottery and must choose between the following three options:

a. Receive a lump sum payment of $10,000,000.

b. Receive annual end-of-the-year payments of $2,000,000 for the next 8 years at an annual rate of 6%.

c. Receive annual end-of-the-year payments of $1,500,000 for the next 12 years at an annual rate of 6%.

Which option should Sally choose?