Consider a lottery that pays to the winner an annuity of, Financial Management

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Consider a lottery that pays to the winner an annuity of

Consider a lottery that pays to the winner an annuity of $950 that begins at the end of the first year and continues at the end of each consecutive year for a total of 9 years with one exception. Because of high administrative costs associated with running the lottery, the payment in year 5 is not $950 but $0. Using an interest rate of 5.50%, determine the present value of the cash flow stream.

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