You have just won the lottery and you can choose between the following payout options. The annual interest rate (EAR) is 5%.

a) $70,000 right now and $20,000 every two years starting 3 years from now and ending 17 years from now (i.e., payments at t = 0, t = 3, 5, ..., 15, 17).

1. b) $15,000 a year for 20 years with the first payment one year from today (i.e., payments at t = 1, 2, 3, ..., 19, 20).
2. c)15 annual payments of $15,000 and a 16th payment of $100,000. The first payment is made right now (i.e., payments at t =0, 1, 2, 3, ..., 15).

How much more (in todays $) is the best option worth relative to the worst option?