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You have just won $1,000,000 in the Massachusetts Lottery. You will receive payments of $40,000 per year (at the end of each year) for the

You have just won $1,000,000 in the Massachusetts Lottery. You will receive payments of $40,000 per year (at the end of each year) for the next 25 years. If the discount rate is 5 percent, what are your winnings worth today?

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