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find the cash value of the lottery jackpot given below. Yearly jackpot payments begin immediatley . assume the lottery can invest at the given intrest

find the cash value of the lottery jackpot given below. Yearly jackpot payments begin immediatley . assume the lottery can invest at the given intrest rate.

$16,000,000 jackpot, 7% interest, 20 annual payments

jackpot amount $16,000,000

interest rate 7%

equal annual payments 20

present value (in dollar) ____ ?.

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