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On January 1, 2014, you win $5,400,000 in the state lottery. The $5,400,000 prize will...

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Accounting

On January 1, 2014, you win $5,400,000 in the state lottery. The $5,400,000 prize will be paid in equal installments of $450,000 over 12 years. The payments will be made on December 31 of each year, beginning on December 31, 2014. If the current interest rate is 6%, determine the present value of your winnings.

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