You have just won the lottery and will receive $1,000,000 in one year. You will receive payments
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Question:
You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 25 years and the paymentswill increase by 2 percent per year.
If the appropriate discount rate is 6 percent, what is the present value of your winnings?(Do not round intermediate calculations and round your answer to 2 decimal places,e.g., 32.16.)
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