Present Value of an Annuity On January 1, you win $1,300,000 in the state lottery. The $1,300,000 prize will be paid in equal installments of $130,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31 , If the current interest rate is 6%, determine the present value of your winnings. Use the present value tables in Exhibit. 7. Round to the nearest whole dollar