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For a certain multi-state lottery the prize was $19,200,000 that was paid out over 30 years with each year payments of $640,000.00 paid at the
For a certain multi-state lottery the prize was $19,200,000 that was paid out over 30 years with each year payments of $640,000.00 paid at the end of each year. If money is worth 7.1%, compounded annual, what is the amount of money that must be set aside to pay for this prize? The present value is $
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