Question: On January 1 , you win $ 3 , 0 0 0 , 0 0 0 in the state lottery. The $ 3 , 0

On January 1, you win $3,000,000 in the state lottery. The $3,000,000 prize will be paid in equal installments of $300,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31 of this year. If the current interest rate is 5%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar.

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