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You just won the lottery. Congratulations! The jackpot is $10,000,000, paid in 10 equal annual payments. The first payment on the lottery jackpot will be

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You just won the lottery. Congratulations! The jackpot is $10,000,000, paid in 10 equal annual payments. The first payment on the lottery jackpot will be made today. In present value terms, you really won assuming annual interest rate of 6.50%

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