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Determine the present value of your winnings

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Question - Present Value of an Annuity - On January 1, you win $2,560,000 in the state lottery. The $2,560,000 prize will be paid in equal installments of $320,000 over 8 years. The payments will be made on December 31 of each year, beginning on December 31. 1f the current interest rate is 6%, determine the present value of your winnings.

Reference no: EM133155751

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