Present and future value tables of $1 at 3 are presented below N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1 1 1 03000 0 97087 1 0000 0 97087 1 0300 1 00000 2 1 06090 0 94260 2 0300 1 91347 2 0909 1 97087 3 1 09273 0 91514 3 0909 2 82861 3 1836 2 91347 4 1 12551 0 88849 4 1836 3 71710 4 3091 3 82861 5 1 15927 0 86261 5 3091 4 57971 5 4684 4 71710 6 1 19405 0 83748 6 4684 5 41719 6 6625 5 57971 7 1 22987 0 81309 7 6625 6 23028 7 8923 6 41719 8 1 26677 0 78941 8 8923 7 01969 9 1591 7 23028 9 1 30477 0 76642 10 1591 7 78611 10 4639 8 01969 10 1 34392 0 74409 11 4639 8 53020 11 8078 8 78611 11 1 38423 0 72242 12 8078 9 25262 13 1920 9 53020 12 1 42576 0 70138 14 1920 9 95400 14 6178 10 25262 13 1 46853 0 68095 15 6178 10 63496 16 0863 10 95400 14 1 51259 0 66112 17 0863 11 29607 17 5989 11 63496 15 1 55797 0 64186 18 5989 11 93794 19 1569 12 29607 16 1 60471 0 62317 20 1569 12 56110 20 7616 12 93794 Shelley wants to cash in her winning lottery ticket She can either receive seven, $200,000 semiannual payments starting today, or she can receive a lump sum payment now based on a 6 annual interest rate What is the equivalent lump sum payment (Do not round intermediate calculations and round your final answer to the nearest dollar amount )

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Present and future value tables of $1 at 3% are presented below: N FV $1 PV $1 FVA $1 PVA $1 FVAD $1 PVAD $1

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Present and future value tables of $1 at 3% are presented below:

N	FV $1	PV $1	FVA $1	PVA $1	FVAD $1	PVAD $1
1	1.03000	0.97087	1.0000	0.97087	1.0300	1.00000
2	1.06090	0.94260	2.0300	1.91347	2.0909	1.97087
3	1.09273	0.91514	3.0909	2.82861	3.1836	2.91347
4	1.12551	0.88849	4.1836	3.71710	4.3091	3.82861
5	1.15927	0.86261	5.3091	4.57971	5.4684	4.71710
6	1.19405	0.83748	6.4684	5.41719	6.6625	5.57971
7	1.22987	0.81309	7.6625	6.23028	7.8923	6.41719
8	1.26677	0.78941	8.8923	7.01969	9.1591	7.23028
9	1.30477	0.76642	10.1591	7.78611	10.4639	8.01969
10	1.34392	0.74409	11.4639	8.53020	11.8078	8.78611
11	1.38423	0.72242	12.8078	9.25262	13.1920	9.53020
12	1.42576	0.70138	14.1920	9.95400	14.6178	10.25262
13	1.46853	0.68095	15.6178	10.63496	16.0863	10.95400
14	1.51259	0.66112	17.0863	11.29607	17.5989	11.63496
15	1.55797	0.64186	18.5989	11.93794	19.1569	12.29607
16	1.60471	0.62317	20.1569	12.56110	20.7616	12.93794

Shelley wants to cash in her winning lottery ticket. She can either receive seven, $200,000 semiannual payments starting today, or she can receive a lump-sum payment now based on a 6% annual interest rate. What is the equivalent lump-sum payment? (Do not round intermediate calculations and round your final answer to the nearest dollar amount.)