You are offered a $2,520,000 retirement package to be given in $90,000 payments at the end of each of the next 28 years. You are also given the option of accepting a $810,000 lump sum payment now. Interest rates are at 8.9% over the next 28 years. Which is a better option?

the offered annual payments of $90,000

the lump sum of $810,000

they are the same

cannot be determined