A local lottery now offers a choice of two payout options, cash or annuity. Under the annuity option, the total jackpot is paid out in equal annual payments over 25 years beginning today. Under the cash option, the winner receives a single payment today of one-half of the jackpot. At what annual interest rate are these two options equal? Ignore taxes.

A. 6.03%

B. 6.97%

C. 7.80%

D. 9.00%

E. 9.64%