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Congratulations! You are the lottery winner and receive $1.1M per year for 20 years starting...

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Finance

Congratulations! You are the lottery winner and receive $1.1M per year for 20 years starting today. What is the present value of the lottery? Assume an interest rate of 9%. Note that the lottery makes 20 payments in total and that the first payment will be paid out already today. Enter your answer rounded to the nearest whole dollar (ex. $1,000,000.43 = 1,000,000).

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