You Have Just Won the Publisher's Clearinghouse Lottery of $50,000

Multiple Choice

You have just won the Publisher's Clearinghouse lottery of $50,000 per year for twenty years,with the first payment today followed by nineteen more start-of-the-year cash flows.At an interest rate of 4%,what is the present value of your winnings?

A) $1,000,000.00
B) $706,696.97
C) $650,426.60
D) $470,641.18