You have just received notification that you have won the $1.4 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100^th birthday, 70 years from now. The appropriate discount rate is 8 percent. What is the present value of your winnings?

$4,288.16

$6,404.20

$15,309.91

$23,333.33

$25,000.00