You and 11 coworkers just won $7

7 million ($583 comma 333.33

583,333.33 each) from the state lottery. Assuming you each receive your share over 16

16 years and that the state lottery earns a 8

8 percent return on itsfunds, what is the present value of your prize before taxes if you request the'up-front cash'option?(Note: Also assume an ordinary annuitylong dash

payments made at the end of eachperiod.)