You and 11 coworkers just won $14 million ($1,166,666.67 each) from the state lottery. Assuming you each receive your share over 20 years and that the state lottery earns a 8 percent return on its funds, what is the present value of your prize before taxes if you request the 'up-front cash' option?

The present value of your prize before taxes if you request the 'up-front cash' option is

$enter your response here.

(Round your answer to the nearest dollar.)