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Consider a lottery that pays to the winner an annual annuity of $ 66 that begins in one year and continues for 10 consecutive years
Consider a lottery that pays to the winner an annual annuity of $66 that begins in one year and continues for 10 consecutive years with one exception -- the payment at the end of year 5 (and only in this year) is not $66 but instead is $99. Using an interest rate of 3%, determine the present value of this prize.
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