you just won the power ball lottery worth 340,000,000. upon Reading the fine print you learn. that you have two options:

Option A: take the cash value of 175.5 million today before taxes;

:Option B: the winner is guaranteed to receive 30 graduated payments over 29 pears; the first payment is made today, these payments will increase by 5% per year until the final payment. the first payment. received today, equals the jackpot divided by 30.

Assuming a required rat of return of 4%, calculate the present value of Option B?(growing annuity)