Suppose a state lottery prize of $6 million is to be paid in 20 payments of $300,000 each at the end of each of the next 20 years. If money is worth 11%, compounded annually, what is the present value...

Extracted text: Suppose a state lottery prize of $6 million is to be paid in 20 payments of $300,000 each at the end of each of the next 20 years. If money is worth 11%, compounded annually, what is the present value of the prize? (Round your answer to the nearest cent.) $