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 percent annually. What is the present value of your prize today at a discount rate of 3.3 percent?

Group of answer choices

$793,650.79

$6,250,000.00

$15,540.79

$4,885,103.38

$492,628.40