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On January 1, you win $37,500,000 in the state lottery. The $37,500,000 prize will be...

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Accounting

On January 1, you win $37,500,000 in the state lottery. The $37,500,000 prize will be paid in equal installments of $6,250,000 over six years. The payments will be made on December 31 of each year, beginning on December 31 of this year. The current interest rate is 5.5%.

Determine the present value of your winnings. Round your answer to the nearest dollar. $_________________

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