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 6%, determine the present value of your winnings. use the present value tables in exhibit 7. round to the nearest whole dollar.
