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You have just won the lottery and will receive $590,000 in one year. You will receive payments for 28 years, and the payments will increase
You have just won the lottery and will receive $590,000 in one year. You will receive payments for 28 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?
Group of answer choices
$7,448,277
$36,772,877
$36,008,126
$31,755
$7,758,622
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