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You have just won the lottery and will receive $530,000 in one year. You will receive payments for 18 years, and the payments will increase

You have just won the lottery and will receive $530,000 in one year. You will receive payments for 18 years, and the payments will increase 5 percent per year. If the appropriate discount rate is 11 percent, what is the present value of your winnings?

$80,996

$5,584,568

$15,184,336

$5,361,185

$15,184,336

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