In August 2020, 8 lucky lecturers from University, pooled their money to buy tickets for the Euromillions lottery. They won a record 365 million. The winners received many unsolicited congratulations, good wishes, and requests for money from dozens of charities, relations and newly devoted friends. Of course, they could point out that they had not really won 365 million as they would, in fact, receive 30 equal annual instalments of 12.167 million.

Assuming that the first payment at the end of the first year, what was the present value of the prize? The interest rate at the time was 6.0%