Calculate the Present Value of a Growing Annuity Given the Following

Calculate the present value of a growing annuity given the following information: annual cash flows = $120,000; cash flow growth rate = 2%; required rate of return = 9%; timeframe = 20 years.

A) $1,059,762
B) $1,259,762
C) $1,459,762
D) $1,659,762
E) $1,859,762