What is the present value of a lottery prize of 2 million dollars, paid out at a rate of $40,000 per year for 50 years? Assume an annual interest rate of 3%. Round to the nearest dollar.

Name: What is the present value of a lottery prize of 2 million dollars, paid out at a rate of $40,000 per year for 50 years? Assume an annual interest rate of 3%. Round to the nearest dollar.
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The Answer is $1,060,066

What Is the Present Value of a Lottery Prize of 2