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A lottery claims its grand prize is $ 5 million, payable over 5 years at $ 1,000,000 per year. If the first payment is madeimmediately,

A lottery claims its grand prize is $5 million, payable over 5 years at $1,000,000 per year. If the first payment is madeimmediately, what is the grand prize reallyworth? Use an interest rate of 8%.

The real value of the grand prize is $____. (Round your response to the nearestdollar.)

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