How much does the lottery have to deposit in an account, Financial Management

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How much does the lottery have to deposit in an account

PV of annuity: in charge of lottery. lottery rrules says the winner are to be paid 10 million in the form of 10 annual payments of 1 million dollar each. Assuming the interest rate is 10% and the payments are to be made at the beginnung of the next years. How much does the lottery have to deposit in an account today to make the required payments to a lottery winner?

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Financial Management: How much does the lottery have to deposit in an account

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