You just won the TVM Lottery. You will receive $1 million today plus another 10 annual payments that increase by $500,000 per year. Thus, in one year, you receive $1.5 million. In two years you get $2 million, and so on. If the appropriate interest rate is 9 percent, the present value of your winnings is $_____. (Do not include the dollar sign ($). Round your answer to 2 decimal places. (e.g., 32.16)),
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