You just won a lottery and are entitled to receive annuity payments of $100,000 at the end of each of the next twenty years. Alternatively, the lottery has offered a lump sum payment today of $1,500,000. Which of the following statements is correct?

a. You should be able to sell this ticket for more than $2 million.

b. At every possible interest rate, the annuity is the best choice.

c. You prefer the lump sum if the interest rate is zero percent.

d. You cannot make a decision about which option is best without an interest rate.