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A State Lottery Commission ran the following advertisement: The Lotto jackpot for this month's drawing...

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Question

Accounting

A State Lottery Commission ran the following advertisement:

The Lotto jackpot for this month's drawing is $10 million, which will be paid out to the winning ticket in equal installments at the end of each year over the next 20 years.

Required:

Do you agree that the lottery winner has won $10 million? If not, what amount is more accurate? State any assumptions you make.

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