Question: Prizes are often not worth as much as claimed. Place a present value on a prize of $5,000,000which is to be received in 20 equal

Prizes are often not "worth" as much as claimed. Place a present value on a prize of $5,000,000which is to be received in 20 equal nominal annual payments, with the first payment beginning today. Assume an interest rate of 7%. ( Answer: 2.833million)

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