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How to receive the prizes

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Lin Dang has just won lucky draw with the grand prize worth RM15 million. However, he was given two choices on how to receive those prizes:

Option 1: Receive RM1 million for next 15 years beginning now
Option 2: Receive RM500,000 end of each year from year 1 until 10th year, RM2 million from 11 to 15 years.

Question 1: Suggest which of the two is the better option and assuming the interest rate is at 7 percent for the next 15 years. Why?

 

Reference no: EM132566224

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