You Have Just Won the Multi-State Lottery Jackpot of $500,000,000!

Multiple Choice

You have just won the Multi-State Lottery Jackpot of $500,000,000! You have the option of receiving a check for $25,000,000 every year at the end of the next 20 years.The lottery commission also allows you the option of receiving a one-time payment of $311,555,000 when you turn in the winning ticket.What is the approximate interest rate that the lottery commission is using to determine the one-time payment?

A) 5%
B) 6%
C) 8%
D) 9%