On January 1, you win $720,000 in the state lottery. The $720,000 prize will be paid in equal installments of $90,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rate is 5%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar.

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