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Present value of an annuity On January 1 , you win $ 2 , 9 0 0 , 0 0 0 in the state lottery.

Present value of an annuity
On January 1, you win $2,900,000 in the state lottery. The $2,900,000 prize will be paid in equal installments of $290,000 over 10 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 5%, determine the present value of your winnings. Use the present value tables in Exhibit A Round to the nearest whole dollar.
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