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William Winbig has won the Set for Life lottery and will receive a payment of $79,458.37 every year, starting today, for the next 20 years.

William Winbig has won the Set for Life lottery and will receive a payment of $79,458.37 every year, starting today, for the next 20 years. If William invests the proceeds at a rate of 7.25 percent per annum, what will be the present value of the cash flows he will receive?

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