What is the present value of your winnings

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Reference no: EM132003017

The Clearinghouse Sweepstakes has just informed you that you have won $1 million. The amount is to be paid out at the rate of $59,000 a year for the next 16 years.

With a discount rate of 9 percent, what is the present value of your winnings? Use Appendix D for an approximate answer, but calculate your final answer using the formula and financial calculator methods.

Reference no: EM132003017

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