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A $ 1 , 0 0 0 , 0 0 0 lottery prize pays $ 5 0 , 0 0 0 per year for the

A $

1, 000, 000

lottery prize pays $

50, 000

per year for the next

20

years. If the current rate of return is

3.25 %,

what is the present value Als e

? (

Assume the lottery pays out as an ordinary annuity.

Round your answer to the nearest cent.

)

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