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Mr. Smith just won a lottery with a grand prize of $400,000. However, the lottery manager stipulates that the winner will receive $200,000 immediately, and
Mr. Smith just won a lottery with a grand prize of $400,000. However, the lottery manager stipulates that the winner will receive $200,000 immediately, and $20,000 at the end of each of the next 10 years. Assuming that he can earn 6% on his money, how much has he actually won?
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