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You and 1 1 coworkers just won $ 1 1 million ( $ 9 1 6 , 6 6 6 . 6 7 each )

You and 11 coworkers just won $11million ($916,666.67each) from the state lottery. Assuming you each receive your share over 16 years and that the state lottery earns a 3 percent return on its funds, what is the present value of your prize before taxes if you request the'up-front cash' option? The present value of your prize before taxes if you request the'up-front cash' option is $ blank (Round your answer to the nearest dollar.)

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