Use the formula to calculate the present value of each payment, assuming an interest rate of 3%. The first several payments have been done for you. Fill in the present value amounts in the table for years 6, 7, 8, and 9. (Note: Ignore taxes on winnings in this activity.)

PV = FV (1 + r)-t

Future Value Present Value
(0 years) $100,000 $100,000
1 year $100,000 $97,087
2 years $100,000 $94,260
3 years $100,000 $91,514
4 years $100,000 $88,849
5 years $100,000 $86,261
6 years $100,000
7 years $100,000
8 years $100,000
9 years $100,000