The state makes the first payment right away

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Reference no: EM131547637

The Grand Prize in a State Lottery is $900000, which will be paid in 20 equal annual payments of $45000 each. The State makes the first payment right away. How much does the State need to deposit in an account paying 8% compounded annually to be able to make the remaining 19 equal payments of $45000 each?

Reference no: EM131547637

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