Ms Lucy Brier has just won a tennis tournament. She has been given the choice of the following five methods to collect her winnings. If the appropriate opportunity cost is 8% p.a. compounded quarterly, which method would give her the highest winnings?

a) $30,000 each quarter for 6 years with the first payment received immediately

b) $500,000 to be received immediately

c) $120,000 each year for 5 years with the first payment in 1 years time

d) $37,000 each quarter for 4 years with the first payment in 3 months time

e) $75,000 each year for 11 years with the first payment in 1 years time