Question: Problem 6-37 Growing Annuity ILo1 You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 30 years

Problem 6-37 Growing Annuity ILo1 You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 30 years and the payments will increase by 2.5 percent per year If the appropriate discount rate is 6.5 percent, what is the present value of your winnings? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value

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