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The XYZ Corporation is offering a $1,000,000 lottery to its employees. The winner will receive $100,000 at the end of each year for the next

  1. The XYZ Corporation is offering a $1,000,000 lottery to its employees. The winner will receive $100,000 at the end of each year for the next ten years. How much must XYZ place in an account today to meet this obligation if the account pays 12.75% per annum?

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