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The prize in last weeks Florida lottery was estimated to be worth $60 million. If you were lucky enough to win, the state will pay
The prize in last weeks Florida lottery was estimated to be worth $60 million. If you were lucky enough to win, the state will pay you $2 million per year over the next 30 years. Assume that the first installment is received immediately. If interest rates are 10%, what is the present value of the prize?
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