You win a lottery with a prize of 1.5 million. Unfortunately the prize is paid in 10 equal annual installments. The first payment is next year. How much is the prize really worth? The discount rate is 8%

I used the Present Value = Capital/(1 + discount rate)^T --> PV= C/(1+r)^T I got an answer 643,435.29, which doesn't look correct. Could someone tell me the correct formula/method to use, reasoning and the correct answer please?