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Present Value of an Annuity On January 1, you win $5,300,000 in the state lottery....

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Accounting

Present Value of an Annuity

On January 1, you win $5,300,000 in the state lottery. The $5,300,000 prize will be paid in equal installments of $530,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31. 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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