You Have Just Received Notification That You Have Won the $1.4

Multiple Choice

You have just received notification that you have won the $1.4 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100^th birthday, 70 years from now. The appropriate discount rate is 8 percent. What is the present value of your winnings?

A) $4,288.16
B) $6,404.20
C) $15,309.91
D) $23,333.33
E) $25,000.00