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problem: You just won a 10 million dollar ($) lottery! You can elect to receive $1 million a year for next 10 years [with the 1st payment received today, for a total of ten (10) payments) or you can take a lump-sum payment today in amount of $6.5 million. Suppose you are only interested in maximizing the present value of lottery payments, show the superior strategy. Suppose a 10% discount rate.

Cost Accounting, Accounting

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