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You just won the lottery. Congratulations! The jackpot is $ 3 5 , 0 0 0 , 0 0 0 , paid in twelve equal

You just won the lottery. Congratulations! The jackpot is $

35, 000, 000,

paid in twelve 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

9.50 % .

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