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21. A lottery winner will receive $1 million at the end of each of the next ten years. What is the future value (FV) of
21. A lottery winner will receive $1 million at the end of each of the next ten years. What is the future value (FV) of her winnings at the time of her final payment, given that the interest rate is 9.0% per year?
22. Your firm just signed a contract to receive royalty forever. The royalty is estimated to be $1mil, every year, starting from next year. If the discount rate is 12%, what is the present value of the royalties from this contract?
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