James has received a college scholarship and can choose whether to receive it as an immediate one-time payment of $5000 or as a series of four equal payments (at the end of each year), each totaling $1500. Assume that James has a discount rate of 5%. Only considering TVM principles, which option is most valuable to James?

Immediate payment of $5000.

Series of four payments of $1500 each.

Both scenarios are equal.

There is not enough information to determine the answer.