Suppose Becky has her choice of $20,000 at the end of each month for life or a single prize of $1.5 million. She is 35 years old and her life expectancy is 40 more years. Find the present value of the annuity if money is worth an annual rate of 7.6%, compounded monthly. Round your answer to the nearest cent.
?
A. $1,252,219.09
B. $2,144,302.78
C. $2,618,784.82
D. $3,005,382.16
E. $2,871,152.62
Answer: D
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