You would be 2nd cousins, assuming that the brother's wife's
granddaughter is also the brother's granddaughter. If the
granddaughter is not the granddaughter of the brother, there is no
relationship.
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Elvis does not have a granddaughter .
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Your granddaughter is your sister's great niece. Your sister is
your granddaughter's great aunt.
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The word "granddaughter" is one word. Otherwise, it is praising
a daughter.