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You have just won the Lucky 7s lottery. In exactly seven and one-half years you are going to receive $7,777 per month for 7 years
You have just won the Lucky 7s lottery. In exactly seven and one-half years you are going to receive $7,777 per month for 7 years for a total of 84 payments with the first payment seven years and seven months from now. If the interest rate is an APR of 7 percent compounded monthly, how much will your winnings be worth 4 years from today? How much is it worth today?
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