Alottery claims its grand prize is $5 million, payable over 5 years at $1 comma 000 comma 000 per year. if the first payment is made immediately, what is the grand prize really worth? use an interest rate of 4%.the real value of the grand prize is $nothing. (round your response to the nearest dollar.)

present value of the prize: 4,451,822 dollars

Explanation:

we will calcualte the present value of an annuity-due of 5 payment of 1,000,000 discount at 4%

C1,000,000

time5

rate0.04

PV$4,451,822.3310

This will be the present value of the prize today

answer; commerce clearing house;

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