Question: Question 1. You win a lottery with a prize of $15 million. Unfortunately the prize is paid in 10 equal annual installments. The first

Question 1. You win a lottery with a prize of $15 million.

Unfortunately the prize is paid in 10 equal annual installments. The first

Question 1. You win a lottery with a prize of $15 million. Unfortunately the prize is paid in 10 equal annual installments. The first payment is next year. How much is the prize really worth? The discount rate is 8%.

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