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What is the present value if first payment comes immediately

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Reference no: EM132483115

The $55.0 million lottery payment that you have just won actually pays $2.2 million per year for 25 years. The interest rate is 10%.

Question a. If the first payment comes in 1 year, what is the present value of the winnings?

Question b. What is the present value if the first payment comes immediately?

Reference no: EM132483115

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