MeRock Air Present values Bailey Mills recently won the jackpot in the California lottery. When he arrived at the lottery office to collect his winnings, he was offered the following three payout options: 1. Receive $40,000,000 in cash today. 2. Receive $10,000,000 today and $3,600,000 per year for 10 years with the first payment being received one year from today. 3. Receive $5,000,000 per year for 20 years, with the first payment being received one year from today. Assuming that the effective rate of interest is 10%, which payout option should Bailey select? Explain your answer and show your work, calculations. command 2