Determine the present value of $310,000 to be received in three years, using an interest rate of 5.5%, compounded annually. Use the present value table in Exhibit 8. Round to the nearest whole dollar.

Determine the present value of $220,000 to be received at the end of each of four years, using an interest rate of 6%, compounded annually, as follows:

a. By successive computations, using the present value table in Exhibit 4. Round to the nearest whole dollar.

First year	$
Second Year	$
Third Year	$
Fourth Year	$
Total present value	$

b. By using the present value table in Exhibit 5. Round to the nearest whole dollar. $

On January 1, 2016, you win $4,080,000 in the state lottery. The $4,080,000 prize will be paid in equal installments of $510,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31, 2016. If the current interest rate is 5%, determine the present value of your winnings. Use Table 2. Round to the nearest whole dollar.