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Suppose you just won the lottery. The jackpot is $20 million, paid in 20 equal annual payments, starting today. How much did you really win

  1. Suppose you just won the lottery. The jackpot is $20 million, paid in 20 equal annual payments, starting today. How much did you really win in terms of present value using annual interest rate of 5%?
  2. The correct answer is 13.09 million
  3. What are the steps to calcualte this with a financial calculator?

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