8 points Sa Assume the rate of interest (or the rate of return on any form of investment) over the next 35 years is expected to be 4% per year. This interest is compounded annually. A lottery gives the winner the option of receiving $1,000,000 now or $x per year over the next 35 years. More precisely, the arrangement is that there is an initial payment of $x (which is paid out immediately); after this initial payment, there is an annual payment of $x payable at the end of each year with the last one paid out exactly 35 years from now (i.e., in all, there are 36 payments to the winner, including the initial one). The value of x such that the individual is indifferent between the two options is closest to: (Hint: make the present value of the series of $x payments equal to $1,000,000; then work out x.)