Claire just won the lottery and has been told that she can either accept annual payments at the beginning of each year of $173,695 per year for the next 20 years or she can receive a lump-sum settlement. Claire figures she could invest the money at 6.34% (the same rate as the annuity). What would the amount of the lump-sum settlement be?

a. $1,989,309.25:

b. $2,061,320.61;

c. $2,152,659.03:

d. $2,589,645.97.