Question: Solve this proble using a formula, thnaks. Suppose the Texas lottery advertises that it pays its winner 5 million. However, this prize money is paid

Solve this proble using a formula, thnaks.

Suppose the Texas lottery advertises that it pays its winner 5 million. However, this prize money is paid at the rate of $1 million each year (with the first payment being immediate) for a total of 5 payments. What is the present value of this prize at 10% annual interest rate?

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