An ordinary annuity selling at $$14,130\mathrm{.}15$ today promises to make equal payments at the end of each year for the next twelve years $(N).$ If the annuity's appropriate interest rate $($I$)$ remains at $8\mathrm{.}00\%$ during this time, the annual annuity payment $($PMT$)$ will be

You just won the lottery. Congratulations! The jackpot is $$85,000,000,$ paid in twelve equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won $-$assuming annual interest rate of $8\mathrm{.}00\%.$