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How much has actually won

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Problem 1: Mr. Dubofsky just won a 'Name That Tune' contest with a grand prize of $250,000. However, instead, the contest stipulates that the winner will receive $100,000 immediately, and $15,000 at the end of each of the next 10 years. Assuming that he can earn 5% on his money, how much has he actually won?

Reference no: EM132650961

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