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You have just won the lottery and will receive $620,000 in one year. You will receive payments for 26 years, and the payments will increase

You have just won the lottery and will receive $620,000 in one year. You will receive payments for 26 years, and the payments will increase 5 percent per year. If the appropriate discount rate is 12 percent, what is the present value of your winnings?

A. $38,571,474

B. $38,571,474

C. $6,914,976

D. $7,203,100

E. $32,563

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