You won 25 million in a state lottery that promises to pay, Business Economics

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You won 25 million in a state lottery that promises to pay

You won $25 million in a state lottery that promises to pay $1 million (tax free) in the next 25 years. a) Have you won $20 million? b) What is the present value of this stream of fixed payments (assume that the annual interest rate is 6%? (Note you will get the first $1million a year from now)

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