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Compute the present value of lottery winnings

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Problem 1: Assume on January 1, 2017, you win $ 25,000,000 in the state lottery. The $25,000,000 prize will be paid out in equal installments of $ 1,000,000 per year for the next 25 years. Assume the payment will be received on December 31 of each year beginning on December 31, 2017. If the current interest rate is 6%, compute the present value of your lottery winnings.

Reference no: EM132821125

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