Rita Gonzales won the $47 million lottery. She is to receive $2.7 million a year for the next 15 years plus an additional lump sum payment of $6.5 million after 15 years. The discount rate is 10 percent.
What is the current value of her winnings? Use Appendix B and Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods.(Do not round intermediate calculations. Round your final answer to 2 decimal places.)