Present Value of an Annuity On January 1, 2016, you win $4,080,000 in the state lottery. The $4,080,000 prize will be paid in equal installments of $510,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31, 2016. If the current interest rate is 5%, determine the present value of your winnings. Use Table 2. Round to the nearest whole dollar.

01223 3444 057 93 01 198 2 2 2 71 400 44 70 96 18 sse sse 57 86 05 83 35 78 41 76 64 25 22 4791 3 01233 44556 66777 78888 88889 99999 99999 9 9 9 8889 99999 90000 00000 0 0 0 493 4 01234 45667 78899 90001 11112 22223 33333 4 4 4 5 7 01234 456 7 88990 0111 22233 33444 44655 6 6 6 19 03 13 07 45 86 55 90 09 07 93 1 55677 88990 01122 23334 4445 94 67 55677 89900 11223 33444 5556 2 01234 5