In Exercises use the formula for the th partial sum of a geometric series The winner of
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In Exercises use the formula for the th partial sum of a geometric series
The winner of a $2,000,000 sweepstakes will be paid $100,000 per year for 20 years. The money earns 6% interest per year. The present value of the winnings is
Compute the present value and interpret its meaning.
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