You have just won the lottery. The state offers you an amortized payout of $200,000 at the end of each year for 30 years. The payout is taxable and the tax rate is 60%. You do not expect the government (who pays the payout) to go bankrupt. The risk-free rate is 11% per year and the total expected market return is 17%. What is the value of the lump-sum payment that would cause you to be indifferent between taking the lump-sum or the amortized payout?