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Present value of the payments-idiots lottery

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Reference no: EM132675632

You have just won the Idiots Lottery jackpot of $11,000,000. You will be paid in 26 equal annual installments beginning immediately. If you had the money now, you could invest it in an account with a quoted annual interest rate of 9% with monthly compounding of interest. What is the present value of the payments you will receive?

Reference no: EM132675632

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