(Solution) - Julie wins 15 million in the lottery payable over 30 -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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Julie wins $15 million in the lottery payable over 30 years. In years 1 through 4, she receives annual installments of $500,000. At the beginning of year 5, Julie sells her right to receive the remaining 26 payments to a third party for a lump-sum payment of $8,900,000. How much does Julie include in income each year?