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1. You just won $1,000,000 in a lottery. The winnings will be paid as an annuity of $50,000 per year starting next year for 20
1. You just won $1,000,000 in a lottery. The winnings will be paid as an annuity of $50,000 per year starting next year for 20 years. You are given an option to receive it as a lump sum to be paid today. How much is the lump sum if interest rate is 8 percent per year?
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