The grand prize in a state lottery is 500000 which will be


The Grand Prize in a State Lottery is $500000, which will be paid in 20 equal annual payments of $25000 each. The State makes the first payment right away. How much does the State need to deposit in an account paying 6% compounded annually to be able to make the remaining 19 equal payments of $25000 each?

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Financial Management: The grand prize in a state lottery is 500000 which will be
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