You have just won the lottery and will receive $$650,000$ in one year. You will receive payments for $29$ 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?

Multiple Choice

$$7,542,603$

$$24,299$

$$7,856,878$

$$51,060,260$

$$51,060,260$