The Winner of a "Fifty-Million Dollar" Lottery Prize Is Actually

Multiple Choice

The winner of a "Fifty-million dollar" lottery prize is actually entitled to payments of $500,000 at the end of every six months for 50 years. The winner can select to receive a single lump sum payment equal to the present value of these payments calculated using a rate of 9.8% compounded semi-annually. What would be the amount of the single payment?

A) $5,101,597
B) $10,118,727
C) $20,118,147
D) $34,079,370
E) $39,453,072