John-Paul Ramin won $2.8 million in a state lottery. He was surprised to learn that he will not receive a check for $2.8 million. Rather, for twenty years, he will receive an annual check from the state for

1

20

of his winnings. The state finances this series of checks by buying John-Paul a payout annuity. Find what the state pays for John-Paul's payout annuity if the interest rate is 7.2%. (Round your answer to the nearest cent.)