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You have just won the lottery. The prize is $1.2 million, payable is 20 equal annual installments. You received the first installment of $60,000 today,

You have just won the lottery. The prize is $1.2 million, payable is 20 equal annual installments. You received the first installment of $60,000 today, you are so happy to be a millionaire. However, your friend claims you really aren't a millionaire. What is the present worth of your winnings, assuming your MARR is 8%?

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