You win the lottery and are given the option of receiving $250,000 now or an annuity of $25,000 at the end of each year for 30 years. Which of the following is correct?

a. If you know the interest rate, you can calculate the present value of each option, and pick the one with the lower present value

b. You will always choose the annuity

c. You will choose the lump sum payment if the interest rate is 7%, compounded annually

d. none of the above is correct.