Retirement Options??? (value concepts)?

A senior VP for a large bank is retiring. Which option would be best? (a) cash pymt of $1 million (b) he can receive $60,000 per year for life (his remaining life expectancy is 20 yrs), or (c) he can receive $50,000 per year for 10 years and then $70,000 per year for life (this option is intended to give him some protection against inflation). He has determined that he can earn 8 percent on his investments.