Answer : Present Value:$98,225.80

Working Notes for the above answer is as follow

We have provided with the following information

lottery that will pay you $10,000 per year for 25 years

first payment will occur at the end of this year

and the appropriate discount rate is 9%,

We put all this figure in the formulla

=10000(1- (1+0.09)25 / 0.09

=$98,225.80

you were to receive $10,000.00 every time period every year) for the next 25 periods, and you continually reinvested this amount at a rate of 9.00%, the total series of cash flows at the end of the annuity’s life would be worth $98,225.80 today.