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You have won a lottery and will receive 20 annual payments of $50,000, starting today and ending in 19 years. If the relevant annual discount

You have won a lottery and will receive 20 annual payments of $50,000, starting today and ending in 19 years. If the relevant annual discount rate is 3.0%, what is the present value of these winnings? Choose the answer that is closest. Group of answer choices:

$730,000

$770,000

$820,000

$870,000

$920,000

$1,000,000

$1,050,000

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