Lottery winnings are divided into equal payments given annually. Present value of winnings is worth less then the actual jackpot. Find the present value in dollars using the given conditions:

Jackpot Amount: $17,000,000

Interest Rate: 8%

Equal Annual Payments: 20

Present Value in Dollars: ?

I have the answer from the book, but I don’t understand how it was found.

Answer: $8 345 425