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Suppose a state lottery prize of $4 million is to be paid in 10 payments of $400,000 each at the end of each of the

Suppose a state lottery prize of $4 million is to be paid in 10 payments of $400,000 each at the end of each of the next 10 years. If money is worth 11%, compounded annually, what is the present value of the prize? (Round your answer to the nearest cent.)

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