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What is the present value of the prize

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Assume you win this prize, you expect to live for 50 more years and you choose your niece who is 6 years old as the person to receive the prize after your life. You expect your niece to live to 80 years old. If 5% is the appropriate interest rate, what is the present value of the prize? (Show your answer as a positive dollar value with 2 decimal places, without a $. For example, 527.27.)

Reference no: EM132538513

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