Francis Peabody just won the $89,000,000 California State Lottery. The lottry offers the winner a choice of receiving the winnings in a lump sum or in 26 equal annual installments to be made at the beinning of each year. Assume that funds would be investeed at 7.65%. Francis is trying to decide whether to take the lump sum or the annual installments. What is the amount of the lump sum that would be exactly equal to the present value of the annual installments? Round off to to the nearest $1 and show formula to how you get the answer.