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You have just won a lottery! You will receive $150,000 a year beginning one year from now for 20 years. If your required rate of

You have just won a lottery! You will receive $150,000 a year beginning one year from now for 20 years. If your required rate of return is 10%, what is the present value of your winning lottery ticket?

$1,404,738
$425,678
$1,277,035
$418,250

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