Present value of an annuity On January 1, you win $4,160,000 in the state lottery. The $4,160,000 prize will be paid in equal installments of $520,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31 of this year. If the current interest rate is 6%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar. fill in the blank 1 of 1$

\begin{tabular}{cccccccccccc} Periods & 4% & 412% & 5% & 51/2% & 6% & 61% & 7% & 10% & 11% & 12% & 13% \\ \hline 1 & 0.96154 & 0.95694 & 0.95238 & 0.94787 & 0.94340 & 0.93897 & 0.93458 & 0.90909 & 0.90090 & 0.89286 & 0.88496 \\ 2 & 1.88609 & 1.87267 & 1.85941 & 1.84632 & 1.83339 & 1.82063 & 1.80802 & 1.73554 & 1.71252 & 1.69005 & 1.66810 \\ 3 & 2.77509 & 2.74896 & 2.72325 & 2.69793 & 2.67301 & 2.64848 & 2.62432 & 2.48685 & 2.44371 & 2.40183 & 2.36115 \\ 4 & 3.62990 & 3.58753 & 3.54595 & 3.50515 & 3.46511 & 3.42580 & 3.38721 & 3.16987 & 3.10245 & 3.03735 & 2.97447 \\ 5 & 4.45182 & 4.38998 & 4.32948 & 4.27028 & 4.21236 & 4.15568 & 4.10020 & 3.79079 & 3.69590 & 3.60478 & 3.51723 \\ 6 & 5.24214 & 5.15787 & 5.07569 & 4.99553 & 4.91732 & 4.84101 & 4.76654 & 4.35526 & 4.23054 & 4.11141 & 3.99755 \\ 7 & 6.00205 & 5.89270 & 5.78637 & 5.68297 & 5.58238 & 5.48452 & 5.38929 & 4.86842 & 4.71220 & 4.56376 & 4.42261 \\ 8 & 6.73274 & 6.59589 & 6.46321 & 6.33457 & 6.20979 & 6.08875 & 5.97130 & 5.33493 & 5.14612 & 4.96764 & 4.79677 \\ 9 & 7.43533 & 7.26879 & 7.10782 & 6.95220 & 6.80169 & 6.65610 & 6.51523 & 5.75902 & 5.53705 & 5.32825 & 5.13166 \\ 10 & 8.11090 & 7.91272 & 7.72173 & 7.53763 & 7.36009 & 7.18883 & 7.02358 & 6.14457 & 5.88923 & 5.65022 & 5.42624 \end{tabular}