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Smith has won his state lottery. He will receive a total of $2,000,000 in twenty payments of $100,000 each. He will receive the first payment

Smith has won his state lottery. He will receive a total of $2,000,000 in twenty payments of $100,000 each. He will receive the first payment now, and subsequent payments at one-year intervals. What is the present value of Smith's winnings, at an annual interest rate of 10%?

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