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Earl Grey $4,000,000 in the lottery. He can take a lump sum today or take...

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Accounting

Earl Grey $4,000,000 in the lottery. He can take a lump sum today or take $160,000 each year for the next twenty five years. Assuming he could invest the money and earn 5% each year. What is the present value of the lottery payout if he opts for the twenty five annual payments at the beginning of each year?

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