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The $ 9 . 4 M lottery that you just won actually pays ( $ 9 . 4 M divided by 4 0 ) per

The $

9.4 M

lottery that you just won actually pays

(

9.4 M

divided by

40)

per year for

40

years. If the discount rate is

8

percent, and the first payment comes in

1

year, what is the present value of the winnings?

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