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QUESTION
The state lottery has just informed you that you have won $1million to be paid out in the amount of $50,000.00 per year for the next 20 years.
The state lottery has just informed you that you have won $1million to be paid out in the amount of $50,000.00 per year for the next 20 years. With discount rate of 12%, what is the present value of your winning?
