Annuity Present Values and Effective Rates You have just won the lottery. You will receive $2,500,000 today,

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Annuity Present Values and Effective Rates You have just won the lottery. You will receive $2,500,000 today, and then receive 40 payments of $1,250,000. These payments will start one year from now and will be paid every six months. A representative from Greenleaf Investments has offered to purchase all the payments from you for $23 million. If the appropriate interest rate is a 9 percent APR compounded daily, should you take the offer? Assume there are 12 months in a year, each with 30 days.

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