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You have just won the Georgia Lottery with a jackpot of $40,000,000. Your winnings will be paid to you in 26 equal annual installments with

You have just won the Georgia Lottery with a jackpot of $40,000,000. Your winnings

will be paid to you in 26 equal annual installments with the first payment made

immediately. If you feel the appropriate annual discount rate is 8%, what is the

present value of the stream of payments you will receive?

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