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You will receive 31 annual payments of $280,000, with the first payment being delivered today. The income will be taxed at a rate of 28

You will receive 31 annual payments of $280,000, with the first payment being delivered today. The income will be taxed at a rate of 28 percent. Taxes will be withheld when the checks are issued. Using a discount rate of 7 percent, what is the present value of your winnings?

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