Stephen Downs was severely injured in a motorcycle accident and will spend the rest of his life in a wheelchair. He successfully sued the party responsible. You, as a member of the jury, are trying to decide what Stephen should receive as a settlement. One part of the settlement is to determine the value of his lost wages. You have determined that Stephen will lose $4,800 a month in wages for the next 35 years because of the accident. Assuming that money is worth 6.35% compounded monthly and the $4,800 would have been received at the end of each month, what is a fair settlement?

$808,237.20

$2,016,000

$812,514.12

$152,991.95