Consider a lottery that pays to the winner an annual annuity of $16 that begins in one year and continues for 8 consecutive years with one exception - the payment at the end of year 4 (and only in this year) is not $16 bul

instead is $24. Using an interest rate of 9% determine the present value of this prize

Consider a lottery that pays to the winner an annual annuity of $16 that begins in one year and continues for 8 consecutive years with one exception-the payment at the end of y instead is $24. Using an interest rate of 9%, determine the present value of this prize. Place your answer in dollars and cents without using a dollar sign or a comma. For example, if your answer is one hundred thousand five hundred and seventy then place your answer as 100570 Work all analysis using t least four decimal places of accuracy SUBMIT