Your girlfriend just won the Florida lottery. She has the choice of $12,000,000 today or a 20-year annuity of $1,050,000, with the first payment coming one year from today. What rate of return is built into the annuity?

Select the correct answer.

a. 5.64%

b. 5.84%

c. 6.24%

d. 6.44%

e. 6.04%