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13. You have just won the lottery and will receive $650,000 in one year. You will receive payments for 25 years, and the payments will

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You have just won the lottery and will receive $650,000 in one year. You will receive payments for 25 years, and the payments will increase 4 percent per year. If the appropriate discount rate is 11 percent, what is the present value of your winnings? Multiple Choice $7,463,605 $7,165,061 $38,035,546

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