A Rich Donor Gives a Hospital $1,040,000 One Year from Today

A rich donor gives a hospital $1,040,000 one year from today. Each year after that, the hospital will receive a payment 6% larger than the previous payment, with the last payment occurring in ten years' time. What is the present value (PV) of this donation, given that the interest rate is 11%?

A) $3,840,628.87
B) $5,376,880.42
C) $6,913,131.97
D) $7,681,257.74