You have received notification that you have won the $1,000,000 first prize in the state lottery. The prize will be awarded on your 80th birthday, 60 years from now. What is the present value of your winning amount if the appropriate discount rate is 7 percent ?
You have received notification that you have won the $1,000,000 first prize in the state lottery. The prize will be awarded on your 80th birthday, 60 years from now. What is the present value of your winning amount if the appropriate discount rate is 7 percent ?
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