Assume that you just won $35 million in the Florida lottery, and hence the state will pay
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Assume that you just won $35 million in the Florida lottery, and hence the state will pay you 20 annual payments of $1.75 million each beginning immediately. If the rate of return on securities of similar risk to the lottery earnings (e.g., the rate on 20-year US Treasury bonds) is 6 percent, what is the present value of your winnings?
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