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The $46.0 million lottery payment that you have just won actually pays $3.0 million per year for 15 years. The interest rate is 9%. If

The $46.0 million lottery payment that you have just won actually pays $3.0 million per year for 15 years. The interest rate is 9%.

  1. If the first payment comes in 1 year, what is the present value of the winnings? Please use Excel and include the formula in your solution.
  2. What is the present value if the first payment comes immediately? Please use Excel and include the formula in your solution.

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