You have just received notification that you have won the $$1$ million first prize in the Centennial Lottery. However, the prize will be awarded on your $100$th birthday $($assuming you're around to collect$),80$ years from now. What is the present value of your windfall if the appropriate disc ount rate is $7\mathrm{.}25$ percent?

The computation is wrong as $1\mathrm{.}07$ rasied to $80$ is not $62....$