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Myrna Loy has just won a lottery. The payout is $63,188 a year for 20 years. Myrna will receive the first payment in one year.

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Myrna Loy has just won a lottery. The payout is $63,188 a year for 20 years. Myrna will receive the first payment in one year. If the appropriate discount rate is 10% per year with annual compounding, what is the present value of Myrna's winnings? Do not roundatinta

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