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QUESTION
You have just won the Strayer Lottery jackpot of $11,000,000. You will be paid in 26 equal annual installments beginning...
You have just won the Strayer Lottery jackpot of $11,000,000. You will be paid in 26 equal annual installments beginning immediately. If you had the money now, you could invest it in an account with a quoted annual interest rate of 9% with monthly compounding of interest. What is the present value of the payments you will receive?
