Manuel just won the lottery and the prize was $ 1 million. You have the option of receiving a lump sum of $ 312,950 or $ 50,000 per year for the next 20 years. If Miguel can invest the single amount at 9% or invest the annual payments at 7%; Which one should I choose?

a. one-time amount of 312,950

b. b. annual payments of 50,000