The Clearinghouse Sweepstakes has just informed you that you have won $1 million. The amount is to be paid out at the rate of $65,000 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.