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2. A lottery claims its grand prize is $10 million, payable over 20 years at $500,000 per year. If the first pay- ment is made

2. A lottery claims its grand prize is $10 million, payable over 20 years at $500,000 per year. If the first pay- ment is made immediately, what is this grand prize really worth? Use an interest rate of 6%

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