A lottery pays the winner $1 million in 20 equal annual payments of $50,000. The first payment will be made at the end o

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answerhappygod
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A lottery pays the winner $1 million in 20 equal annual payments of $50,000. The first payment will be made at the end o

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A lottery pays the winner $1 million in 20 equal annual payments
of $50,000. The first payment will be made at the end of the second
year. What is the present worth if the winner’s annual interest
rate is 5.25%? (Answer: $579,680)
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