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You have just won the lottery and will receive $610,000 in one year. You will receive payments for 16 years, and the payments will increase

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You have just won the lottery and will receive $610,000 in one year. You will receive payments for 16 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 $5,108,235 $17,610,500 $17,610,500 $5,321,078 $114,858

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