You have just won a large lottery prize. The Lottery Company says the prize will be paid to you in 8 instalments of $70000, with the first payment occurring today (beginning of year 1), and subsequent...

You have just won a large lottery prize.  The Lottery Company says the prize will be paid to you in 8 instalments of $70000, with the first payment occurring today (beginning of year 1), and subsequent payments occurring at the beginning of each year.  If the typical market interest rates suggest that you can invest money and earn an interest rate of 9%, compounded annually, then how much is the lottery actually worth today?

The solution, please. The correct answer is 422307.