What is the present worth of the winnings, Microeconomics

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What is the present worth of the winnings

Problem

A lottery pays the winner $1 million, in 20 equal payments of $50,000. The payments are received at the end of the year, and the winner's interest rate is 12%. What is the present worth of the winnings?

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.

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Microeconomics: What is the present worth of the winnings

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