Problem $6-37$ Growing Annuity $[$LO$1]$

You have just won the lottery and will receive $$1,000,000$ in one year. You will receive payments for $35$ years and the payments will increase by $3\mathrm{.}4$ percent per year. If the appropriate discount rate is $7\mathrm{.}4$ percent, what is the present value of your winnings? $($Do not round intermediate calculations and round your answer to $2$ decimal places, e$.$g$.,32\mathrm{.}16.)$