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What is the present value of winnings

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Francis Scott Key just won a? "Name That? Tune" contest with a grand prize of ?$240,000. ? However, the contest stipulates that the winner will receive ?$100,000 ?immediately, and the remainder divided equally at the end of each of the next 15 years. Assuming that he can earn 6?% on his? money, what is the present value of his? winnings?

Reference no: EM131862099

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