The Clearinghouse Sweepstakes has just informed you that you have won $$1$ million. The amount is to be paid out at the rate of $$51,000$ a year for the next $15$ years.

With a discount rate of $8$ 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.

Note: Do not round intermediate calculations. Round your final answer to $2$ decimal places.