You have just won the lottery and will receive $$590,000$ per year starting in one year. These payments will continue for $16$ years, and the payments will increase $4\%$ per year. If the appropriate discount rate is $11\%,$ what is the present value of your winnings?

Multiple Choice

$$15,470,895$

$$5,456,086$

$$15,470,895$

$$111,092$

$$5,237,843$