Mary Alice just won the lottery and is trying to decide between the options of receiving the annual cash flow payment option of $320,000 per year for 20 years beginning today, or receiving one lump-sum amount today. Mary Alice can earn 4% investing this money. At what lump-sum payment amount would she be indifferent between the two alternatives?

Multiple Choice

$6,400,000

$4,842,861

$4,522,861

$4,348,906