How much do the contest sponsors have to deposit in the


The super prize in a contest is $10 million. This prize will be paid out in equal yearly payments over the next 25 years. If the prize money is guaranteed by AAA bonds yielding 6% and is placed into an escrow account when the contest is announced 1 year before the first payment, how much do the contest sponsors have to deposit in the escrow account? (Round your answer to the nearest cent.)

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Financial Management: How much do the contest sponsors have to deposit in the
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