You have just won the lottery and will receive $$580,000$ in one year. You will receive payments for $15$ years, and the payments will increase $4$ percent per year. If the appropriate discount rate is $11$ percent, what is the present value of your winnings?

Multiple Choice

$$13,727,048$

$$121,223$

$$5,166,930$

$$13,727,048$

$$4,960,253$