Often lottery winnings are divided into equal payments given annually for 20-25 years. So the present value of the winnings is worth less than the actual jackpot, depending on the rate at which money could be invested. Find the present value using the given conditions.
Jackpot Amount Interest Rate (%) Equal Annual Payments Present Value (in dollars)
5,000,000 7 20 ?
5,000,000 13 20 ?
5,000,000 7 25 ?
5,000,000 13 25 ?
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