You just won the tvm lottery you will receive 1 million, Ask an Expert

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You just won the TVM lottery. You will receive $1 million today plus another 10 annual payments that increase by $540,000 per year. Thus, in one year, you receive $1.54 million. In two years you get $2.08 million, and so on.

If the appropriate interest rate is 6.4 percent, what is the present value of your winnings?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92716636

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