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You recently won a lottery prize that is paid out as an after-tax lump sum payment of $1 million. You reinvest this lump sum in

You recently won a lottery prize that is paid out as an after-tax lump sum payment of $1 million. You reinvest this lump sum in a portfolio earning 9% per year. You want to withdraw money from this portfolio at the end of each year for the rest of time and you want your withdrawals to increase 3% per year. If your first withdraw is one year from now, how much will your second withdraw be?

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