John Doe wins the lottery for 3 million dollars. The lottery will pay him $100,000 each year at the end of each of the next 30 years. (thirty installments in total). However, assume the lottery offers a lump sum option where John Doe can take the present value of those 30 future payments immediately. Assuming the lottery uses a discount rate of 6%.

How much is the present value of his winnings?

Group of answer choices

$1,535,400

$1,158,600

$1,376,500

$1,814,300