i swe the answer but dont understand the rationale. why is it assumed that the 6% is monthly?

9. You are the beneficiary of a life insurance policy. The insurance company informs you that you have two options for receiving the insurance proceeds. You can receive a lump sum of $200,000 today or receive payments of $1,400 a month for 20 years. You can earn 6 percent on your money. Which option should you take and why? A. You should accept the $200,000 because the payments are only worth $189,311 to you today. B. You should accept the $200,000 because the payments are only worth $195,413 to you today. C. You should accept the payments because they are worth $209,414 to you today. D. You should accept the payments because they are worth $336,000 to you today. E. You should accept the payments because they are worth $247,800 to you today. APV = $1,400 - $195,413 Using 67 monthly ATM Enter 20x12 B380an 6/12 1,400 IY PV PVPMT FV PMT FV -195,413 Solve for