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What was the present value of this jackpot

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Question - The biggest jackpot in 1992 was $9.3 million won by a 60-year-old nurse in a Reno casino. The sum was to be paid in 20 annual installments of $465,000 each. She received the first installment on the day she won the jackpot. The interest rate at the time was about 8%. What was the present value of this jackpot?

Reference no: EM133122887

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