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Suppose you just won the state lottery, and you have a choice between receiving $3,255,000 today or a 20-year annuity of $290,000, with the first

Suppose you just won the state lottery, and you have a choice between receiving $3,255,000 today or a 20-year annuity of $290,000, with the first payment coming one year from today. What rate of return is built into the annuity? Disregard taxes. a. 5.92% b. 8.91% c. 6.27% d. 12.85% e. 7.15%

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