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I / I point The Florida lottery agrees to pay the winner $275,000 at the end of each year for the next 20 years. What is the future value of this...

This question was created from MGMT 640 Midterm Exam Part 1.pdf https://www.coursehero.com/file/26184253/MGMT-640-Midterm-Exam-Part-1pdf/

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Greetings, Here is the formula I used. FV = PV (1+ i)^20 FV = 275,000(1 + 0.08)^20 FV = 1,281,763.21 My FV is not the same answer that is listed on the test. Please show me what I am doing wrong. Please utilize the actual numbers to show me the steps.

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You did everything right. I am explaining why its right... View the full answer

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