What is the most they are likely to give you

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Reference no: EM133338939

Question: You have won a lottery that was said to be worth $5 million. Your prize will be paid out in equal annual payments over the next 20 years, with the first payment beginning today. If you were to ask the lottery for a lump-sum cash payment today, what is the most they are likely to give you if the market interest rate for the foreseeable future is 7% per annum.

Reference no: EM133338939

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