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You have just won the lottery and will receive $470,000 in one year. You will receive payments for 21 years, and the payments will increase

You have just won the lottery and will receive $470,000 in one year. You will receive payments for 21 years, and the payments will increase 3 percent per year. If the appropriate discount rate is 11 percent, what is the present value of your winnings? Multiple Choice $52,519 $4,653,743 $22,387,378

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