The Clearinghouse Sweepstakes has just informed you that you have won $1 million. The amount is to be paid out at the rate of $63,000 a year for the next 20 years.

With a discount rate of 13 percent, what is the present value of your winnings? Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods. (Do not round intermediate calculations. Round your final answer to 2 decimal places.)

Appendix D Present value of an annuity of $1, PVA PVA Percent Period 1% 2% 3% 4% 5% 6% 7% 8% 9%, 10% 11% 12% 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 0.901 0.893 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736 1.713 1.690 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 2.487 2.444 2.402 3.902 3.808 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.102 3.037 4.713 4.580 4.452 4.329 4.212 4.853 4.100 3.993 3.890 3.791 3.696 3.605 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 4.231 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 4.712 4.564 6.733 6.463 6.210 5.971 7.652 7.325 7.020 5.747 5.535 5.335 5.146 4.968 6.247 5.995 5.759 5.537 5.328 8.566 8.162 7.786 7.435 7.108 6.802 6.515 10 9.471 8.983 8.530 7.722 7.360 7.024 6.710 6.418 6.145 5.889 5.650 11 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 6.495 6.207 5.938 12 11.255 10.575 9.954. 9.385 8.863 8.384 7.943 7.536 7.161 6.814 6.492 6.194 13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.487 7.103 6.750 6.424 13.004. 14 12.106 11.296 10.563 9.899 9.295 8.745 8.244 7.786 7.367 6.982 6.628 15 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606 7.191 6.811 14.718 13.578 12.561 16 11.652 10.838 10.106 9.447 8.851 8.313 7.824. 7.379 6.974 14.292 17 15.562 13.166 12.166 11.274 10.477 9.763 9.122 8.544 8.022 7.549 7.120 11.690 14.992 13.754 18 16.398 12.659 10.828 10.059 9.372 8.756 8.201 7.702 7.250 19 17.226 15.678 14.324 13.134 12.085 11.158 10.336 9.604 8.950 8.365 7.839 7.366 18.046 20 16.351 14.877 13.590 12.462 11.470 10.594 9.818 9.129 8.514 7.963 7.469 19.523 25 22.023 17.413 15.622 14.094 12.783 11.654 10.675 9.823 9.077 8.422 7.843 9.427 30 25.808 22.396 19.600 17.292 15.372 13.765 12.409 11.258 10.274 8.694 8.055 32.835 27.355 11.925 10.757 9.779 23.115 19.793 17.159 15.046 13.332 8.951 8.244 31.424 39.196 25.730 21.482 18.256 15.762 13.801 12.233 10.962 9.915 9.042 8.304