# On January 1, you win \$60,000,000 in the state lottery. The \$60,000,000 prize will be paid in equal installments of \$6,000,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31 of the current year. If the current interest rate is 6%, determine the present value of your winnings. Use the present value tables in Appendix A.

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On January 1, you win \$60,000,000 in the state lottery. The \$60,000,000 prize will be paid in equal installments of \$6,000,000 over 10 years. The payments will be made on December 31 of each year, beginning on December 31 of the current year. If the current interest rate is 6%, determine the present value of your winnings. Use the present value tables in Appendix A.

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Present value: The value of today’s amount expected to be paid or received in t...

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