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On January 1, you win $4,240,000 in the state lottery. The $4,240,000 prize will be paid...

On January 1, you win $4,240,000 in the state lottery. The $4,240,000 prize will be paid in equal installments of $530,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rate is 6%, 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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