Present Value of an Annuity On January 1, you win $1,600,000 in the state lottery. The $1,600,000 prize will be paid in equal installments of $160,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31 of the current year. If the current interest rate is 6%, determine the present value of your winnings. Use Table 3. Round to the nearest whole dollar. $fill in the blank 1