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You win a lottery that will pay you an amount every year starting today. Todays payment will be 10,000. The payments will continue for 15
You win a lottery that will pay you an amount every year starting today. Todays payment will be 10,000. The payments will continue for 15 years and will increase by 1000 each year. As soon as you receive your payment, you deposit the money in an account with an effective 6% annual rate. What will the balance in the account be immediately after you deposit your last payment?
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