You've Just Won $1 Million Dollars in a Lottery

You've just won $1 million dollars in a lottery.For your prize,you may except a $1 million lump sum paid immediately,a constant perpetuity of $80,000 per year (with the first payment arriving in one year) ,or a stream of cash flows that starts at $45,000 next year and grows at 3.5% per year in perpetuity.If the interest rate is 8%,which of these choices has a higher present value?

A) a $1 million lump sum
B) a constant stream of $80,000 per year in perpetuity
C) a stream that begins at $45,000 and grows at 3.5% in perpetuity
D) all three choices have the same present value