After numerous years as a senior executive in the professional wrestling business, Aunt Edna is planning to retire on December 31, 2020. Her company has offered her two retirement choices. The first...

After numerous years as a senior executive in the professional wrestling business, Aunt Edna is planning to retire on December 31, 2020. Her company has offered her two retirement choices. The first is twenty end-of-the-year payments of R122 000 each starting on December 31, 2021 and the second is a lump sum of R2.25 million payable on January 1, 2020. Which one should she pick if her opportunity cost of the money is 6.60%