You and 11 coworkers just won $10 million ($833,333.33 each) from the state lottery. Assuming you each receive your share over 16 years and that the state lottery earns a 3 percent return on its funds, what is the present value of your prize before taxes if you request the 'up-front cash' option? (Note: Also assume an ordinary annuity payments made at the end of each period.) Click on the table icon to view the annuity table The present value of your prize before taxes if you request the 'up-front cash' option is $ (Round your answer to the nearest dollar.)