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.

Present Value of an Annuity of $1 at Compound Interest Exhibit 7 Periods 4% 54% 10% 11% 12% 13% 0.96154 0.95694 0.95238 0.94787 0.94340 0.93897 0.93458 0.90909 0.90090 0.89286 0.88496 1.88609 1.87267 1.85941 1.84632 1.83339 1.82063 1.80802 1.73554 1.71252 1.69005 1.66810 3. 2.77509 2.74896 2.72325 2.69793 2.67301 2.64848 2.62432 248685 244371 240183 2.36115 3.62990 3.58753 3.54595 3.50515 3.46511 3.42580 3.38721 3.16987 3.10245 3.03735 2.97447 445182 4.38998 4.32948 4.27028 4.21236 4.15568 4.10020 3.79079 3.69590 3.60478 3.51723 6. 5.24214 5.15787 5.07569 4.99553 4.91732 4.76654 4.84101 4.35526 4.23054 4.11141 3.99755 6.00205 5.89270 5.78637 5.68297 5.58238 548452 5.38929 4.86842 4.71220 4.56376 4.42261 6.73274 6.59589 646321 6.33457 6.20979 6.08875 5.97130 5.33493 5.14612 4.96764 4.79677 7.43533 7.26879 7.10782 6.95220 6.80169 6.65610 6.51523 5.75902 5.53705 5.32825 5.13166 10 8.11090 7.91272 7.72173 7.53763 7.36009 7.18883 7.02358 5.88923 6.14457 5.65022 5.42624