Imagine you won $$1,000,000$ playing the California Lottery, and you have a choice of receiving $$650,000$ today or $$50,000$ a year for $20$ years, with the first payment happening today. If your discount rate is $4\mathrm{.}6\%,$ would you be better off taking the yearly payments for $20$ years or the lump sum today? Why? $($Assume your tax rate is the same in both cases.$)$

Group of answer choices

Take the annuity. Its present value is $$674,458,$ which is greater than the lump sum.

Take the annuity. Its present value is $$654,266,$ which is greater than the lump sum.

Take the lump sum. The present value of the annuity is $$616,734,$ which is less than the lump sum.

Take the lump sum. The present value of the annuity is $$599,286,$ which is less than the lump sum.

Take either one. The present value of the annuity equals the lump sum.