You just won the TVM Lottery. You will receive $$1$ milion today plus another $10$ annual

payments that increase by $$640,000$ per year. Thus, in one year you receive $$1\mathrm{.}64$

million. In two years, you get $$2\mathrm{.}28$ million, and so on$.$ If the appropriate discount rate is

$7\mathrm{.}4$ percent, what is the value of your winnings today? $($Do not round Intermedlete

calculations and enter your answer in dollars, not millions of dollars, rounded to $2$

decimal ploces, e$.$g$.,1,234,567\mathrm{.}89..$