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Emad has won $1,000,000 in his state lottery. He will receive twenty level payments with the first payment now, and subsequent payments at one-year intervals.

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Emad has won $1,000,000 in his state lottery. He will receive twenty level payments with the first payment now, and subsequent payments at one-year intervals. What is the value of each payment at an annual interest rate of 3%? (Answer to the nearest ten)

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