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Suppose you win a lottery which pays $50,000 per year for 20 years starting 1 year from today ($1 million). If the market interest rate
Suppose you win a lottery which pays $50,000 per year for 20 years starting 1 year from today ($1 million). If the market interest rate is 8%, what is the present value of the lottery prize? (Please show all work/explain)
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