Question: Please show all work! I need help step by step Thank you!!! What is the present value?? You have just won the lottery and will

Please show all work! I need help step by step

Thank you!!!

What is the present value??

You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 35 years and the payments will increase by 3.1 percent per year. If the appropriate discount rate is 7.1 percent, what is the present value of your winnings? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) You have just won the lottery and will receive $1,000,000 in one year. You will receive payments for 35 years and the payments will increase by 3.1 percent per year. If the appropriate discount rate is 7.1 percent, what is the present value of your winnings? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)

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