John wins the lottery and has the following three payout options for afterminustax prizemoney:1.$150,000 per year at the end of each of the next six years2.$300,000 (lumpsum) now3.$500,000 (lumpsum) six years from nowThe required rate of return is9%. What is the present value if he selects the secondoption? Round to nearest whole dollar.Present value of$1:

8%	9%	10%
1	0.926	0.917	0.909
2	0.857	0.842	0.826
3	0.794	0.772	0.751
4	0.735	0.708	0.683
5	0.681	0.65	0.621
6	0.63	0.596	0.564
7	0.583	0.547	0.513