If you could explain as well how to answer this on a BA2 calculator I would appreciate, thank you!

Celine Dion just won a "Name That Tune" contest with a grand prize of $260,000. However, the contest stipulates that the winner will receive $60,000 immediately, and the remainder divided equally at the end of each of the next 8 years. Assuming that she can earn 5% on her money, what is the present value of her winnings? What is the present value of the winnings? (Round to the nearest cent.)