"Want to win a million dollars? Here's how. . . . One winner, chosen at random from all entries, will win a $1,000,000 annuity." That was the statement

announcing a contest on the World Wide Web. The contest rules described the "million-dollar prize" in greater detail: "40 annual payments of $25,000 each,

which will result in a total payment of $1,000,000. 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 "million-dollar prize" as of the first installment on January 1?