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You have won the State Lottery that calls for you to receive $50,000 a month for 20 years. The State uses a discount rate of

You have won the State Lottery that calls for you to receive $50,000 a month for 20 years. The State uses a discount rate of 5.7 percent. If you wish to receive a lump sum amount of money today instead of the monthly payment, how much will you receive today?

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$8,118,342.09

$12,000,000.00

$7,150,701.42

$7,052,741.04

$8,652,179.63

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