On January 1 you win $800,000 in the state lottery. The $800,000 prize will be paid in equal installments of $80,000 over 10 years. The payments will be made on December 31 of each year, beginning on...

On January 1 you win $800,000 in the state lottery. The $800,000 prize will be paid in equal installments of $80,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31. If the current interest rate is 8%, determine the present value of your winnings. Use the present value tables in Exhibit 7. Round to the nearest whole dollar.