You have just received notification that you have won the $10 million first prize in the Centennial Lottery. However, the prize will be awarded on…
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You have just received notification that you have won the $10 million first prize in the Centennial Lottery. However, the prize will be awarded on your 100th birthday, 78 years from now. The appropriate discount rate is 8 percent (compounded annually). What is the present value of your winnings?
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