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Suppose the Winner of a $10,000,000 Sweepstakes Will Be Paid

Question 55

Multiple Choice

Suppose the winner of a $10,000,000 sweepstakes will be paid $200,000 per year for 50 years, starting a year from now. The money earns 6% interest per year. The present value of the winnings is Suppose the winner of a $10,000,000 sweepstakes will be paid $200,000 per year for 50 years, starting a year from now. The money earns 6% interest per year. The present value of the winnings is Compute the present value using the formula for the nth partial sum of a geometric series. Round your answer to two decimal places. A) $10,542,883.62 B) $3,323,509.25 C) $7,028,589.08 D) $2,556,671.23 E) $3,152,372.13 Compute the present value using the formula for the nth partial sum of a geometric series. Round your answer to two decimal places.


A) $10,542,883.62
B) $3,323,509.25
C) $7,028,589.08
D) $2,556,671.23
E) $3,152,372.13

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