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A lottery claims its grand prize is OMR15 million, payable over 5 yea OMR3,000,000 per year. If the first payment is made immediately, whe this

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A lottery claims its grand prize is OMR15 million, payable over 5 yea OMR3,000,000 per year. If the first payment is made immediately, whe this grand prize really worth? Use an interest rate of 7%. In present value terms, the lottery prize is worth OMR3,000,000+ OMR3,000,000/(1.07) + OMR3,000,000/(1.07) 2+ OMR3,000,000/ (1.07)3+ OMR3,000,000 /(1.07)4= OMR13,161,634

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