Present value of an annuity On lanuary 1, you win $2,400,000 in the state lottery. The $2,400,000 prize wal be paid in equal instaliments of $240,000 over 10 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 Tw, determine the present value of your winings. Use the nesent value tables in Exhibit 7 . Round to the nearest whole dollar. Present value of bonds payable; premium Mass Co. issued $300,000 of four-year, 12% bonds, with interest payable semiannually, at a market (effective) interest rate of 10%. Determine the oresent value of the bonds payable using the present value tables in Exhibit 5 and Exhibit 7 . Round to the nearest dollar