Present Value of an Annuity Suppose you are hired by your state government to determine.DOCX

Present Value of an Annuity Suppose you are hired by your state government to determine

Present Value of an Annuity Suppose you are hired by your state government to determine the profitability of a lottery offering a grand prize of $10 million paid out in equal annual installments over 20 years. Show how to calculate the cost to the state of paying out such a prize. Assume payments are made at the end of each year.
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