The lottery pays $10,000 every month for 100 months (8 years and 4 months). If the proper discount rate is 4%, what is the actual present value of your winning?

You just won a lottery of $1,000,000. The lottery payment is made in the form of an annuity duewith the first payment made today. The lottery pays $10,000 every month for 100 months (8 years and 4 months). If the proper discount rate is 4%, what is the actual present value of your winning?

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