You have just received notification that you have won the $1.4 million first prize in the lottery. However, the prize will be awarded on your 100th birthday, 70 years from now. (Wow, you're older than I generally think!) The appropriate discount rate is 8%. What is the present value of your winnings? a. $4,288.16
b. $6,404.20
c. $15,309.91
d. $23,333.33
e. $25,000.00
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