Question :

Want to win half a million dollars? Heres how. . . . One winner, chosen at random from all entries, will win a $500,000 annuity. That was the statement announcing a contest on the World Wide Web. The contest rules described the half a million-dollar prize in greater detail: 20 annual payments of $25,000 each, which will result in a total payment of $500,000. The first payment will be made January 1; subsequent payments will be made each January thereafter. Using a compound annual interest rate of 8 percent, what is the present value of this half a million-dollar prize as of the first installment on January 1? plz sir