On January 1, you win $50,000,000 in the state lottery. The $50,006,000 prize will be paid in equal installments of $6,250,000 over 8 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. x Will the present value of your winnings using an interest rate of 12% bet more than the present value of your winnings using an interest rate of 5% ? Feesack * Chea My Wos Review the time value of money concept. Recail that the time value of money concept recognizes that cash received today is werth more than the same amount of cash to be recelved in the future