You have just won the Multi-State Lottery. You have the option of receiving a check for $40,000,000 every year at the end of the next 23 years. The lottery commission

also allows you the option of receiving a one-time payment of $414,842,358 when you turn in the winning ticket. What is the approximate interest rate that the lottery commission is using to determine the one-time payment? ( I NEED YOU TO SHOW ME STEPS ON FINANCIAL CALCULATOR)

a)8%

b)5%

c)9%

d) 3%