leaving an insurance policy

Mr. Smith died, leaving an insurance policy to his heir, John.  The contract provides that the beneficiary can choose any one of the following four options:

A) $550,000 immediate cash 

B) $40,000 every three months, payable at the end of each quarter for five years 

C) $180,000 immediate cash and $18,000 every three months for ten years, payable at the beginning of each three-month period 

D) $40,000 every three months for three years and $15,000 each quarter for the following twenty-three quarters, all payments payable at the end of each quarter. 

John has come to you to ask for assistance and your advice.  If money is discounted at a rate of 8% annually, which option would you recommend (in terms of pure value calculation)? 

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