You just won the Luck o' Luck Lottery. You will receive $1 million today plus another ten annual payments that increase by $600,000 per year. Thus, in one year, you receive $1.6 million. In two years you get $2.2 million, and so on. If the appropriate interest rate is 7%, what is the present value of your winnings? (Enter your answer in dollars, not millions of dollars. Do not round intermediate calculations. Round the final answer to 2 decimal places. Omit $ sign in your response.) Present value 24