Science/Math

Joey is one of several winners who shared a lottery ticket. There are three plans offered to receive the after-tax proceeds.a. Plan 1: $100,000 now.b. Plan 2: $15,000 per year for 8 years beginning 1 year from now.c. Plan 3: $45,000 now, another $45,000 four years from now, and a final$45,000 eight years from now.Joey, a quite conservative person financially, plans to invest all of the proceeds as he receives them. He expects to make a real return of 6% per year. Use the 8-year time frame and an average inflation of 4% per year to determine which plan provides the best deal.