You bought an annuity selling at $$6,456\mathrm{.}97$ today that promises to make equal payments at the beginning of each year for the next four years $(N).$ If the annuity's appropriate interest rate $($I$)$ remains at $11\mathrm{.}00\%$ 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 four 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 $11\mathrm{.}00\%.$