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The Senators Contest awards $10,000,000. It will be paid over the next 50 years at the rate of $250,000 per year with the first payment
The Senators Contest awards $10,000,000. It will be paid over the next 50 years at the rate of $250,000 per year with the first payment today. With a discount rate of 9 percent, what is the present value of this prize? Round to a complete whole number. No decimals. No symbols such as commas. Use your business calculator.
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