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You have just won the lottery, which will pay you $250,000 at the end of each year for the next 4 years. Assuming a tax

You have just won the lottery, which will pay you $250,000 at the end of each year for the next 4 years. Assuming a tax rate of 40%, and you plan to invest the net payments to earn 7% compounded annually, what is the present value of your award? (For simplicity, assume that the interest earned is not taxable)

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