You just won the magazine sweepstakes and opted to take unending payments. The first payment will be $50,000 and will be paid one year from today. Every year thereafter, the payments will increase by 2.5% annually. What is the present value of your prize today at a discount rate of 3.3%?

a. $6,250,000.00

b. $492,628.40

c. $4,885,103.38

d. $793,650.79

e. $15,540.79