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You won a state lottery and will receive a payment of $92,000 every year, starting today, for the next 20 years. If you invest the
You won a state lottery and will receive a payment of $92,000 every year, starting today, for the next 20 years. If you invest the proceeds at a rate of 5.14 percent, what is the present value of the cash flows that you will receive? I need help figuring this out because I don't know what formula to use.
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