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Lotta Dough just won the state lottery and has elected to receive $50,000 per year for 20 years in the form of an annuity due.

Lotta Dough just won the state lottery and has elected to receive $50,000 per year for 20 years in the form of an annuity due. What is the present value of this stream of payments if money can earn 7 percent annual interest?

$977,665

$566,780

$779,664

$500,000

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