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Please help other solutions on here are wrong 14 7 points You just won the TVM Lottery. You will receive $1 million today plus another
Please help other solutions on here are wrong
14 7 points You just won the TVM Lottery. You will receive $1 million today plus another 10 annual payments that increase by $670,000 per year. Thus, in one year, you receive $1.67 million. In two years you get $2.34 million, and so on. If the appropriate interest rate is 7.7 percent, what is the value of your winnings today? (Do not round intermediate calculations. Enter your answer in dollars, not millions of dollars, and round your answer to 2 decimal places, e.g., 1,234,567.89.) Answer is complete but not entirely correct. Present value 23,126,106.00 $ Step by Step Solution
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