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Mark Young has just won the state lottery, paying $50,000 a year for 20 years. He is to receive his first payment 5 years from

Mark Young has just won the state lottery, paying $50,000 a year for 20 years. He is to receive his first payment 5 years from now. The state advertises this as the Million Dollar Lottery because he will receive a total of $1,000,000 over the next 20 years. If the interest rate is 8 percent, what is the true value of the lottery? (5 points)

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