On january 1, you win $50,000,000 in the state lottery. The $50,000,000 prize will be paid in equal installments of $6,250,000 over eight years. The payments will be made on december 31 of each year, beginning on december 31 of this year. If the current interest rate is 5%, determine the present value of your winnings. Use the present value tables in exhibit 7. Round to the nearest whole dollar.
