You just won the $62 million lottery. You will receive $1.9 million a year for the next

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You just won the $62 million lottery. You will receive $1.9 million a year for the next 25 years plus an additional payment of $14.5 million at the end of 25 years. The interest rate is 13 percent.

How much is your lottery prize worth today? (Enter your answer as a positive number rounded to 2 decimal places.)

Related Book For answer-question

Microeconomics An Intuitive Approach with Calculus

ISBN: 978-0538453257

1st edition

Authors: Thomas Nechyba

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Posted Date: Mar 12, 2024 01:47 AM

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You just won the $62 million lottery. You will receive $1.9 million a year for the next

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Expert Answer:

Answer To calculate the present value of the lottery prize we need to discount each future cash flow ... View the full answer

Microeconomics An Intuitive Approach with Calculus

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