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You have just won the lottery and will receive $570,000 in one year. You will receive payments for 20 years, which will increase 5 percent

You have just won the lottery and will receive $570,000 in one year. You will receive payments for 20 years, which will increase 5 percent per year. The appropriate discount rate is 10 percent.

Required:

What is the present value of your winnings?

$17,504,973

$6,627,732

$17,504,973

$6,903,888

$84,727

Please show all detailed work.

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