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You have won a small lottery in which you will receive a series of payments forever.The payments start at $1,005 received today and grow effectively

You have won a small lottery in which you will receive a series of payments forever.The payments start at $1,005 received today and grow effectively at 2.20% a year forever.Given an APR of 7.60% compounded quarterly, what is the present value of your lottery winnings?

options:

a-$17,837

b-$18,319

c-$18,801

d-$19,283

e-$19,765

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