There is yet another method of solving this problem:
Since the payment is annual and the interest rate is compounded monthly, we can convert the annual payment of $8,700 into MONTHLY equivalent payments:
Therefore $8,700 annual payments are equivalent to $692.05 monthly payments. Now we use the same formula used by "Guest #3".
FV=$692.05[(1+.101/12)^(33*12)-1/(.101/12)]
FV=$692.05(3,164.45185109)
FV=$2,189,958.90. The difference between this and "Guest #3" is due to rounding off the payment of $692.05 to two decimal places. Otherwise, the two methods give exact results as in "Guest #3"