Mike is a regular customer at Bobs brew pub in Tempe. He usually goes there once a week and has 2 pints (assume a price per pint of $5 and a gross margin for Bobs of 80%). Assume that Mike will be in Tempe for five years (use 4 weeks per month and 48 weeks per year). Using month as the discount period and a monthly discount factor of 1%, what is Mikes CLV to Bobs brew pub?

$1,470.56

$1,276.34

$1,634.76

$1,438.56

The correct answer I was given is the first option. The expectation is that I use excel and the following formula to solve CLV = SUM from 1 to n (Mt*r(t-1)/((1+i)^t) when I did this I came back with the exact number for the last option looking for some help.