You and 11 coworkers just won $18 million ($1,500,000.00 each) from the state lottery. Assuming you each receive your share over 16 years and that the state lottery earns a 9 percent return on its funds, what is the present value of your prize before taxes if you request the up front cash option? (note: assume an ordinary annuity-- payment made at the end of each period)

The present value of your prize before taxes if you request the up front cash option is $_____ (round your answer to the nearest dollar)

The present value of your prize before taxes if you request the up front cash optin