13) On vacation, you walk into a casino and pay the slots. On your last spin of the wheel, you hit the grand jackpot and are offered 3 payment options. You can elect to receive a lump sum today of $10 million, receive 10 end-of-year payments of $1.75 million, or receive 30 end-of-year payments of $1,000,000. What is the value of the most valuable payment option? Assume you can reinvest payments and receive 8% per year.

$9.87 million

$15.75 million

$10.32 million

$11.74 million

$13.45 million