John wins $1,00,000 in a lottery and will be paid 20 equal installments of $50,000 with the first payment due today. A banker offers to exchange Johns winnings for a perpetuity of $ X per month with the first payment due today. Find the value closest to $ X assuming a 10% effective rate of interest.

(A) $3,330 (B) $3,360 (C) $3,550 (D) $3,700 (E) $3,730

I'd appreciate it if you could let me know.