Problem
Spivey just won the Powerball lottery! The $20,000,000 jackpot will be paid in 20 annual installments of $1,000,000 each, with the first payment to be paid immediately. Spivey's opportunity cost of capital (interest rate) is 6% per year. What is the present equivalent of Spivey's lottery winnings at the time of the first payment?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.