An ordinary annuity selling at $8,860.53 today promises to make equal payments at the end of each year for the next six years (N). If the annuitys appropriate interest rate (I) remains at 8.00% during this time, the annual annuity payment (PMT) will be .

You just won the lottery. Congratulations! The jackpot is $10,000,000, paid in six 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 8.00%.