Suppose a state lottery prize of $8 million is to be paid in 5 payments of $1,600,000 each at the end of each of the next 5 years. If money is worth 12%, compounded annually, what is the present value...

Suppose a state lottery prize of $8 million is to be paid in 5 payments of $1,600,000 each at the
end of each of the next 5 years. If money is worth 12%, compounded annually, what is the present
value of the prize? (Round your answer to the nearest cent.)