Question: Type or paste question here You have just won the lottery and will receive $650,000 in one year. You will receive payments for 16 years,

Type or paste question here

You have just won the lottery and will receive $650,000 in one year. You will receive payments for 16 years, and the payments will increase 4 percent per year. If the appropriate discount rate is 12 percent, what is the present value of your winnings?

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