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Francis Scott Key just won aName ThatTune contest with a grand prize of $ 240,000 . However, the contest stipulates that the winner will receive

Francis Scott Key just won a"Name ThatTune" contest with a grand prize of $240,000. However, the contest stipulates that the winner will receive $100,000 immediately, and the remainder divided equally at the end of each of the next 15 years. Assuming that he can earn 6% on hismoney, what is the present value of hiswinnings?

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