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On January 1, 2016, you win $2,040,000 in the state lottery. The $2,040,000 prize will...

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Accounting

On January 1, 2016, you win $2,040,000 in the state lottery. The $2,040,000 prize will be paid in equal installments of $170,000 over 12 years. The payments will be made on December 31 of each year, beginning on December 31, 2016. If the current interest rate is 8%, determine the present value of your winnings. Use Table 2. Round to the nearest whole dollar.

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