You just won the lottery's jackpot, which is advertised to be $50,000,000. You are offered the following three options to receive the prize:

Option 1: You will receive $2,000,000 a year, at the end of each of the next 25 years.

Option 2: You will receive $1,450,000 a year, at the end of each year, in perpetuity.

Option 3: You will receive a lump sum payment of $27,000,000 today.

Assuming that the appropriate interest rate is 5.5% a year for all periods, which option would you choose and why? (Show your work to justify your answer.)