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A million-dollar lottery pays $25,000 at the end of the year for 40 years ($25,000 * 40 = $1M). At a 10 percent required return,
A "million-dollar" lottery pays $25,000 at the end of the year for 40 years ($25,000 * 40 = $1M). At a 10 percent required return, what is the present value of this payoff using annual compounding? Answer to the nearest dollar
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