Gary has just won the lottery and will receive an annual payment of $$160,000$ every year for the next $5$ years. If the annual interest

rate is $7\%,$ what is the present value of the winnings? $($For calculation purposes, use $5$ decimal places as displayed in the factor table

provided. Round answer to $0$ decimal place, e$.$g$.5,275.)$

Click here to view Table $4.$

Present value

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