option (e) says the lump sum option amount is 64,090 more than P

His first option is to receive a lump sum of 374,500 at retirement. His second option is to receive monthly payments for 25 years starting one month after retirement. For the first year, the amount of each monthly payment is 2,000 . For each subsequent year, the monthly payments are 2% more than the monthly paymients from the previous year. Using an annual nominal interest rate of 6%, compounded monthly, the present value of the second option is P. Determine which of the following is true. P is 323,440 more than the lump sum option amount. P is 107,170 more than the lump sum option amount. The lump sum option amount is equal to P. The lump sum option amount is 60 more than P