Present Value of an Annuity On January 1, you win $380,000 in the state lottery. The $850,000 prize will be paid in equal installments of $110,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rates 7%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar