You win the Mightyball lottery, which promises a "$1 million" payout-yippee! But, there's a catch your winnings will be paid as an annuity at a rate of $50,000 per year for 20 years, with the first payment beginning immediately. Alternatively, you may elect to receive an immediate lump-sum payout of $650,000. If the appropriate interest rate is 4.75% (compounded annually), which alternative should you select, and why? a. The annuity alternative, because its PV of $1,000,000 is greater than the $650,000 PV of the lump-sum alternative. b. The lump-sum alternative, because its PV of $650,000 is greater than the $636, 533 PV of the annuity alternative. c. The annuity alternative, because its PV of $666, 768.79 is greater than the $650,000 PV of the lump-sum alternative. d. It doesn't matter you would be indifferent between the two alternatives