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Suppose you have just won a lottery. You will receive a total of 1 8 annual payment, and each payment is $ 2 , 6

Suppose you have just won a lottery. You will receive a total of

18

annual payment, and each payment is $

2, 656 .

You will receive the first payment today. If you can earn

5 %

annual rate of return each year, how much is this lottery worth to you today?

(

Round to the nearest dollar

)

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