Evaluate the present value of your winnings

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Reference no: EM132059567

You just won the TVM Lottery. You will receive $1 million today plus another 10 annual payments that increase by $520,000 per year. Thus, in one year, you receive $1.52 million. In two years you get $2.04 million, and so on.

If the appropriate interest rate is 6.2 percent, what is the present value of your winnings? PLEASE answer to two decimal places

Reference no: EM132059567

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