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QUESTION
A major lottery advertises that it pays the winner $10 million. However this prize money is paid at the rate of $500,000 each year (with the first...
A major lottery advertises that it pays the winner $10 million. However this prize money is paid at the rate of $500,000 each year (with the first payment being immediate) for a total of 20 payments. What is the present value of this prize at 10% interest compounded annually?
