What is the present value of myrna winnings

Reference no: EM132008277

Question: Myrna Loy has just won a lottery. The payout is $76514 a year for 20 years. Myrna will receive the first payment in one year. If the appropriate discount rate is 7% per year with annual compounding, what is the present value of Myrna's winnings?

Do not round at intermediate steps in your calculation. Round your answer to the nearest dollar. Enter your answer without the $ symbol.

Reference no: EM132008277

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