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Francis Scott Key just won a Name That Tune contest with a grand prize of $290,000. However, the contest stipulates that the winner will receive
Francis Scott Key just won a "Name That Tune" contest with a grand prize of $290,000. However, the contest stipulates that the winner will receive $60,000 immediately, and the remainder divided equally at the end of each of the next 9 years. Assuming that he can earn 5% on his money, what is the present value of his winnings?
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