Suppose the winner of a $6,000,000 sweepstakes will be paid…
Suppose the winner of a $6,000,000 sweepstakes will be paid $300,000 per year for 20 years, starting a year from now. The money earns 6% interest per year. The present value of the winnings is . Compute the present value using the formula for the nth partial sum of a geometric series. Round your answer to two decimal places.
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