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Question 10 A lottery winner will receive her prize in three equal payments of $6 million each, at the end of each of the next

Question 10

A lottery winner will receive her prize in three equal payments of $6 million each, at the end of each of the next three years i.e. at t=1, t=2, and t=3.

What is the future value of her winnings at the time of her final payment (i.e. at t=3), given that the interest rate is 8% per year?

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