Present value of an annuity

On January $1,$ you win $$1,760,000$ in the state lottery. The $$1,760,000$ prize will be paid in equal installments of $$220,000$ over $8$ 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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