Suppose the Winner of a $4,000,000 Sweepstakes Will Be Paid

Multiple Choice

Suppose the winner of a $4,000,000 sweepstakes will be paid $100,000 per year for 40 years, starting a year from now.The money earns 5% interest per year.The present value of the
Winnings is Compute the present value using the formula for the nth partial
Sum of a geometric series.Round your answer to two decimal places.

A) $6,852,274.09
B) $1,959,646.05
C) $4,568,182.73
D) $1,246,221.03
E) $1,715,908.64