A lottery winner will receive $$5\mathrm{.}5$ million every $6$ months for the next twenty four years. What is the future value $($FV$)$ of his winnings at the time of the final payment, given that the interest rate is $5\mathrm{.}50\%$ per year?

Question $4$Answer

a$.$

$$522\mathrm{.}9$ million

b$.$

$$535\mathrm{.}5$ million

c$.$

$$145\mathrm{.}6$ million

d$.$

$$72\mathrm{.}3$ million