often lottery winnings are divided into equal payments given annually for 20 to 25 years. So the present value of the winnings is worth less than the actual jackpot, depending on the rate at which money could be invested. Find the present value using the given conditions.

using the given conditions. Jackpot Amount Interest Rate Equal Annual Payments Present Value (in dollars) $ 20 6% $11,000,000 20 $ 11% $11,000,000 25 6% $11,000,000 $ $ 25 11% $11,000,000 (Round to the nearest cent as needed.)