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You have just won the lottery and will receive 5 4 0 , 0 0 0 as your first payment one year from now. You

You have just won the lottery and will receive 540,000 as your first payment one year from now. You will receive payments for 26 years. The payments will increase in value by 4 per cent each year. The appropriate discount rate is 10 per cent. What is the present value of your winnings?

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