Which will be paid in 20 equal annual payments of 30000, Financial Management

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Which will be paid in 20 equal annual payments of 30000

The Grand Prize in a State Lottery is $600000 which will be paid in 20 equal annual payments of $30000 each. The State makes the first payment right away. How much does the State need to deposit in an account paying 7% compounded annually to be able to make the remaining 19 equal annual payments of $30000 each?

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