Suppose you are planning to raise funds for a charity. Foundation A provides $10,000 per year from today for the next twenty years. Foundation B offers $10,200 per year for twenty years but it will begin 1 year from today. Which foundation will you choose?

(a). Foundation A

(b). Foundation B

(c). Uncertain, depends on the one-year interest rate.

(d). Uncertain, depends on the interest rates for maturities 1 to 21 years.