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You won the lottery! Your prize consists of the following payments: You will receive a payment of $0.05 immediately, which will then triple each year
You won the lottery! Your prize consists of the following payments: You will receive a payment of $0.05 immediately, which will then triple each year for 18 years, starting in year 1 (t=1). The APR is 20%, compounded semi-annually. What is the present value of these cash flows?
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