Cindy won the California lottery. She can take a single lump-sum payout of $12.5 million dollars or receive $825,000 per year for the next 25 years. What rate of return would Cindy need to break even if she took the lump-sum amount instead of the annuity?

a. 3.75%.

b. 4.29%.

c. 4.98%.

d. 5.31%.