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Find what is the present value of winnings

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Problem 1: You have just won the $45 million jackpot lottery and will receive your first payment of $1.5 million in one year. You will receive payments for 30 years. If the appropriate discount rate is 6.8%, what is the present value of your winnings? Alternatively, you can instead elect to take $20 million now in a lump sum. Which option will you choose? Ignore tax implications.

Reference no: EM132797036

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