You have just won the lottery and will receive $$580,000$ in one year. You will receive payments for $23$ years, and the payments will increase $5$ percent per year. If the appropriate discount rate is $11$ percent, what is the present value of your winnings?

Multiple Choice

$$6,973,879$

$$25,035,083$

$$52,602$

$$25,035,083$

$$6,694,924$