Ron Nail has just received two offers for his seaside home. The first offer is for $1 million today. The second offer is for an owner-financed sale with a payment schedule as follows: $200,000 in years 0 through 4 and $$300,000 in year 5. Assuming no differential tax treatment between the two options and that Ron earns a rate of 8% on his investment, which offer should he take?