Suppose Becky Has Her Choice of $20,000 at the End

Multiple Choice

Suppose Becky has her choice of $20,000 at the end of each month for life or a single prize of $1.5 million. She is 35 years old and her life expectancy is 40 more years. Find the present value of the annuity if money is worth an annual rate of 7.6%, compounded monthly. Round your answer to the nearest cent. ​

A) $1,252,219.09
B) $2,144,302.78
C) $2,618,784.82
D) $3,005,382.16
E) $2,871,152.62