Question: How to solve this question using the formula PV= FV*PVIF or using the TI BA II Plus financial caluclator? Winners of the Dream a Dream

How to solve this question using the formula PV= FV*PVIF or using the TI BA II Plus financial caluclator?

Winners of the Dream a Dream Lotto draw are given the choice of receiving the winning amount divided equally over 19 years or as a lump sum cash option amount. The cash option amount is determined by discounting the winning amount at 4 percent interest compounded quarterly over 19 years. This week the lottery is worth $5 million to a single winner. What would the lump-sum cash option payout be? (Use the time value of money formulas or the TI BA II Plus financial calculator, and enter your answer rounded to the nearest cent.)

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