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Business, 11.09.2019 02:30 BlueDiamond4820

The super prize in a contest is $10 million. this prize will be paid out in equal yearly payments over the next 20 years. if the prize money is guaranteed by aaa bonds yielding 4% and is placed into an escrow account when the contest is announced 1 year before the first payment, how much do the contest sponsors have to deposit in the escrow account? (round your answer to the nearest cent.)

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