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Determine the present value of your winnings

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Question - On January 1, 2014, you win $75,000,000 in the state lottery. The $75,000,000 prize will be paid in equal installments of $7,500,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31, 2014. If the current interest rate is 7%, determine the present value of your winnings. Use Table 2. Round to the nearest whole dollar.

Reference no: EM131660509

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