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you have a winning lottery ticket and will recieve $ 1 0 , 0 0 0 per year for 2 0 years. Payments occur at

you have a winning lottery ticket and will recieve $

10, 000

per year for

20

years. Payments occur at the end of each year and the appropriate discount rate is

9.7 % .

what is the present value of these

20

checks?

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