1 pts Time Running Attempt du Jun 21 1 Hour 32 Minum rive G Question 1 Assume you won a $10M lottery but it pays in 10 equal installments of $1m each, the first installment is now and the rest 9 payments will continue over the next 9 years. At 10% discount rate, what is the present value (cash value) of this lottery of 10 payments? Hint: Find the PV of 9 payments of $1m each discounted at 10% and then add the initial $1m to the PV you just found. The result would be the cash value of the 10 payments Be careful with the signs your calculator displays. Another method is to set your calculator's mode to "Beginning, BGN mode" and just plug N=10 6.759m 6.156 10m 16.245m