You and 11 coworkers just won $5 Million ($416,666.67 each) from the state lottery. Assuming you each receive your share over 16 years and that the state lottery earns 8% 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 annuitypayments made at the end of each period.)

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

$nothing.

(Round your answer to the nearest dollar.)