The billboard for the florida lottery announces an 18000000

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The billboard for the Florida Lottery announces an $18,000,000 prize to the winner. The winner has the option of receiving the $18,000,000 paid in 30 annual installments of $600,000 or as a lump sum based on the present value of the payments. Assuming that the lottery commission uses an interest rate of 4.5% to calculate the lump sum, what is the present value of the lump sum option?

Reference no: EM13600519

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