(Answered) What is the present value

Management Studies

Problem: A major lottery advertises that it pays the winner $10 million. However this prize money is paid at the rate of $500,000 each year (with the first payment being immediate) for a total of 20 payments.

Required:

Question: What is the present value of this prize at 10% interest compounded annually? Please show steps how you get an answer and please be clear in your explanation.

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