Concord Lou has just won the lottery and will receive an interest rate is 11%, what is the present value of the win table provided)

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA3: Time Value Of Money
Section: Chapter Questions
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 Subject :- Accouonting 

Concord Lou has just won the lottery and will receive an annual payment of $110,000 every year for the next 20 years. If the annual
interest rate is 11%, what is the present value of the winnings? (For calculation purposes, use 5 decimal places as displayed in the factor
table provided.)
Click here to view the factor table.
Present value $
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Transcribed Image Text:Concord Lou has just won the lottery and will receive an annual payment of $110,000 every year for the next 20 years. If the annual interest rate is 11%, what is the present value of the winnings? (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Click here to view the factor table. Present value $ Save for Later Attempts: 0 of 1 used Submit Answer
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