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Mr. Dubofsky just won a Name That Tune contest. The contest stipulates that the prize will be paid in installments and the winner will receive
Mr. Dubofsky just won a Name That Tune contest. The contest stipulates that the prize will be paid in installments and the winner will receive $15,000 immediately and $15,000 at the end of each of the next 10 years. Assuming that he can earn 10% on his money, how much has he actually won expressed in todays dollars?
Please answer with values for a financial calculator please.
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