Willis Has Won the $4,700,000 State Lottery and Intends to Save

Multiple Choice

Willis has won the $4,700,000 state lottery and intends to save all of the money for his retirement.He chooses to receive an annual cash flow of $235,000 for twenty years,with the first payment to be received one year from today.How much money will be in his retirement account in twenty years if he can reinvest his money at an annual rate of 6.75%?

A) $9,374,989
B) $17,356,235
C) $10,007,801
D) $4,700,000