Suppose you have a winning sweepstakes ticket and you are given the option of accepting $1,000,000 three years from now or taking the present value...

Suppose you have a winning sweepstakes ticket and you are given the option of accepting $1,000,000 three years from now or taking the present value of the $1,000,000 now. The sponsor of the prize uses a 7% discount rate. If you elect to receive the present value of the prize now, the amount you will receive is?

Please explain the work as well.