A lottery offers you a choice of $1,000,000 per year for 6 years or a lump-sum payment. What lump-sum payment (rounded to the nearest dollar) would equal the annual payments if the current interest rate is 13% compounded annually?
A) $3,998,440
B) $3,997,550
C) $3,988,144
D) $4,517,231
E) $4,006,956
Correct Answer:
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