You have just won the lottery and will receive $$1,000,000$ in one year. You will receive

payments for $35$ years and the payments will increase by $3\mathrm{.}1$ percent per year. If the

appropriate discount rate is $7\mathrm{.}1$ percent, what is the present value of your winnings? $($Do

not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,$

$32\mathrm{.}16.)$

From instructor: After watching the hint video, please also scroll down to read the alternative methods as well. Thank you!$]$

Present value