Which of the following statements is true? I. You have just won a lottery prize. You can choose to receive $750,000 today or an annual payment of $50,000 at the end of each of the next 20 years. The interest rate that makes you indifferent between the two is 2.91%, and at higher rates you should take the lump sum. II. The interest rate charged per period multiplied by the number of periods per year is called the effective annual rate. III. You hold a winning ticket from your provincial lottery. It entitles the bearer to receive payments of $50,000 at the end of each of the next 20 years. Given what you know about the time value of money, you should be able to sell this ticket for no less than $1 million in the open market. a. I only. b. Il only. c. III only. d. I and Ill only. c. II and Ill only.