You just won the $89 million California State Lottery. The lottery offers you a choice of receiving a lump sum today or $89 million in 26 equal annual installments at the end of each year. Assume the funds can be invested at an annual rate of 7.65%. What dollar amount of the lump sum would exactly equal to the present value of the annual installments:

A. $83,830,821

B. $13,092,576

C. $38,163,612

D. $89,000,000

E. $41,083,128