The state lottery's million-dollar payout provides for $2 million(s) to be paid over 24 years...
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Finance
The state lottery's million-dollar payout provides for $2 million(s) to be paid over 24 years in 25 payments of 80,000. The first payment is made immediately, and the remaining payments occur at the end of each of the next years. If percent is the appropriate 12% discount rate, what is the present value of this stream of cash flows? If percent is the appropriate 24% discount rate, what is the present value of the cash flows?
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