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QUESTION
You have just received notification that you have won the $1 million first prize in the Centennial Lottery. However, the prize will be awarded on...
You have just received notification that you have won the $1 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100th birthday, 80 years from now.
What is the present value of your windfall if the appropriate discount rate is 6.7 percent?
Do not round intermediate calculations.
Round your answer to the nearest penny.
