Your girlfriend just won the Florida lottery. She has the choice of $15,900,000 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? Disregard taxes.

a. 3.23%

b. 2.16%

c. 2.28%

d. 2.84%

e. 2.81%