You’ve won $1 million but aren’t receiving it all today. Rather, you get $100,000 today, then $100,000 every year for the next nine years. Assume that you could invest a lump-sum payment today in an account yielding an interest rate of 3% annually. What’s the total value of the future nine payments today? Round to the nearest dollar. Select the correct answer.

$778,611

$876,711

$878,611

$1,000,000

What’s the total present value you will be paid?

$778,611
$876,711
$878,611
$1,000,000