Winners of the PowerState Lottery can take $30 million now or payments of $2.5 million per year for the next 15 years. These are equivalent at what annual interest rate? The answer is closest to what value? (a)1% (b)2% (c)3% (d)5%

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Winners of the PowerState Lottery can take $30 million now or payments of $2.5 million per year for the next 15 years. These are equivalent at what annual interest rate? The answer is closest to what value?  (a)1%  (b)2%  (c)3%  (d)5%

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