You are a very recent college graduate and are considering completing your masters. A distant relative has contacted you and as a graduation present is offering you $15,000 today. However, this relative has stated they will increase the gift and gift you $18,000 once you complete your masters in 3 years. You can earn 3% on a risk-free certificate of deposit.

All other things equal, which graduation gift provides a greater economic benefit.

Show the calculation used to derive the answer to this question.