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Today you won a small sweepstakes prize. Your winnings will be split into 12 monthly payments of $2,000 starting from today. If the annual rate

Today you won a small sweepstakes prize. Your winnings will be split into 12 monthly payments of $2,000 starting from today. If the annual rate of return you can get at your bank is 3% (i.e. monthly return is 3%/12).

What is the present value of your winnings?

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