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You have just received notification that you have won the $ 1 . 1 million first prize in the TransAmerica Lottery. However, the prize will

You have just received notification that you have won the $

1.1

million first prize in the TransAmerica Lottery. However, the prize will be awarded on your

100

th birthday,

78

years from now. The appropriate discount rate is

8

percent per year.

What is the present value of your winnings?

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