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Someone promises to pay you $1,000,000 every year (at the end of the year) for the next 15 years. The first payment will be one

Someone promises to pay you $1,000,000 every year (at the end of the year) for the next 15 years. The first payment will be one year from today. The relevant effective annual interest rate is 7.0%. What does the time line look like for this problem? What would you pay, today, for this promise?

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