A major lottery advertises that it pays the winner ($ 10) million. However, this prize money is

Question:

A major lottery advertises that it pays the winner $\$ 10$ million. However, this prize money is paid at the rate of $\$ 500,000$ each year (with the first payment being immediate) for a total of 20 payments. What is the present value of this prize at $10 \%$ interest?

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