3. Mark Young has just won the state lottery, paying $50,000 a year for 20 years. He...

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3. Mark Young has just won the state lottery, paying $50,000 a year for 20 years. He is to receive his first payment a year from now. The state advertises this as the Million Dollar Lottery because $1,000,000 = $50,000* 20. If the interest rate is 8 percent, what is the true value of the lottery

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