You bought an annuity selling at $17,991.84 today that promises to make equal payments at the beginning of each year for the next 10 years (N). If the annuity's appropriate interest rate (1) remains at 6.50% during this time, then the value of the annual annuity payment (PMT) is You just won the lottery. Congratulations! The jackpot is $35,000,000, paid in 10 equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won assuming annual interest rate of 6.50%