You just won a lottery. The terms of the lottery are such that you will receive twenty equal annual payments of $80,000. Your will receive your first payment of $80,000 seven years from today. The lottery authorities use a discount rate of 5 percent per year with annual compounding. You have the option of receiving a lump sum amount today, instead of the aforementioned payments. If you choose the lump sum amount, how much will that amount be?

$743,959

$996,977

$708,533

$949,502