What is the value of your winnings today, Financial Accounting

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What is the value of your winnings today

Problem

You just won the TVM Lottery. You will receive $1 million today plus another 10 annual payments that increase by $680,000 per year. Thus, in one year you receive $1.68 million. In two years, you get $2.36 million, and so on. If the appropriate discount rate is 7.8 percent, what is the value of your winnings today?

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