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Present Value of an Annuity On January 1, you win $1,360,000 in the state lottery. The $1,360,000 prize will be paid in equal installments $170,000 over 8 years. The payments will be made on December 31 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 Exhibit 7 Present Value of an Annuity of $1 at Compound Interest Periods 2 -3 4 5 6 7 8 9 10 4% 0.96154 1.68609 2.77509 3.62990 445182 5.24214 6.00205 6.73274 7.43533 8.11090 4%% 0.95694 1.87267 2.74896 3.58753 4.38998 5.15787 5.89270 6.59589 7.26879 7.91272 5% 0.95238 1.85941 2.72325 3.54595 4.32948 5.07569 5.78637 6.46321 7.10782 7.72173 59% 0.94787 1.84632 269793 3.50515 4.27028 4.99553 5.68297 633457 6.95220 7.53763 6% 0.94340 1.83339 2.67301 3.46511 4.21236 4.91732 5.58238 6.20979 6.80169 7.36009 67% 0.93897 1.82063 264848 342580 4.15568 4.84101 548452 608875 665610 7.18883 7% 0.93458 1.00802 2.62432 3.38721 4.10020 4.76654 5.38929 5.97130 6.51523 7.02358 10% 0.90909 1.73554 248685 3.16987 3.79079 4.35526 4.86842 5.33493 5.75902 6.14457 11% 0.90090 1.71252 2.44371 3.10245 3.69590 4.23054 4.71220 5.14612 5.53705 5.88923 12% 0.89286 1.69005 240183 3.03735 3.60478 4.11141 4.56376 4.96764 5.32825 5.65022 13% 0.88496 1.66810 236115 2.97447 351723 3.99755 4.42261 4.79677 5.13166 5.42624