A lottery offers a ($ 1,000,000) prize to be paid in 20 equal installments of ($ 50,000)
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A lottery offers a \(\$ 1,000,000\) prize to be paid in 20 equal installments of \(\$ 50,000\) at the end of each year. What is the future value of this annuity if the current annual rate is \(5 \%\) ?
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