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Present Value of an Annuity On January 1, you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments of $6,250,000 over eight years. The payments will be made on December 31 of each year, beginning on December 31 of this year. If the current interest rate is 12%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar. 31,047,749 X Will the present value of your winnings using an interest rate of 12% be more than the present value of your winnings using an interest rate of 5%? No Feedback Check My Work Review the time value of money concept. Recall that the time value of money concept recognizes that cash received today is worth more than the same amount of cash to be received in the future. Exhibit 7 Present Value of an Annuity of $1 at Compound Interest Periods 1 2. 4% 0.96154 1.88609 5% 0.95238 1.85941 572% 0.94787 1.84632 2.69793 3.50515 672% 0.93897 1.82063 2.64848 3.42580 4.15568 10% 0.90909 1.73554 2.48685 3.16987 11% 0.90090 1.71252 2.44371 3.10245 6% 0.94340 1.83339 2.67301 3.46511 4.21236 4.91732 5.58238 3 2.77509 12% 0.89286 1.69005 2.40183 3.03735 3.60478 2.72325 4 472% 0.95694 1.87267 2.74896 3.58753 4.38998 5.15787 5.89270 6.59589 7.26879 7.91272 3.62990 3.54595 4.32948 5 4.27028 7% 0.93458 1.80802 2.62432 3.38721 4.10020 4.76654 5.38929 5.97130 6.51523 7.02358 3.79079 3.69590 13% 0.88496 1.66810 2.36115 2.97447 3.51723 3.99755 4.42261 4.79677 5.13166 5.42624 6 4.99553 4.45182 5.24214 6.00205 6.73274 7.43533 8.11090 4.35526 4.11141 4.56376 7 8 5.07569 5.78637 6.46321 7.10782 7.72173 6.20979 4.84101 5.48452 6.08875 6.65610 7.18883 5.68297 6.33457 6.95220 753763 4.96764 4.23054 4.71220 5.14612 5.53705 5.88923 4.86842 5.33493 5.75902 6.14457 9 6.80169 7.36009 5.32825 5.65022 10