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You have just won the lottery and will receive $1,500,000 in one year. You will receive payments for 30 years, and the payments will increase

You have just won the lottery and will receive $1,500,000 in one year. You will receive payments for 30 years, and the payments will increase by 2.5 percent per year. If the appropriate discount rate is 7 percent, what is the present value of your winnings?

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