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I recently found a real-life advertisement in the newspaper. (only the phone has been changed). Suppose that you have won a $20,000,000 lottery paid in
I recently found a real-life advertisement in the newspaper. (only the phone has been changed). Suppose that you have won a $20,000,000 lottery paid in 20 installments. How much would be a fair price to be paid today for the assignment of this prize? Assume the money could be invested at 6%. (Assume the lottory pays out an ordinary annuity. Round your answer to the nearest cent.
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