ou have just won a lottery prize of ​$2,500,000 collectible in 10 yearly installments of ​$250,000 starting today. The total present worth of the prize is ​$1,663,173. Suppose that you have a large mortgage you want to pay off now. You propose an alternative but equivalent payment scheme. You would like ​$290,000 today and the balance of the prize in eight years when you intend to purchase a large piece of waterfront property. How much will the payment be in eight ​years? Assume that annual interest is 10 ​percent compounded monthly

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A: * SOLUTION :-

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