You have just won a lottery jackpot of $1,000,000. You have the option to receive the money
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Question:
You have just won a lottery jackpot of $1,000,000. You have the option to receive the money in one lump sum today, or to receive it in annual installments of $100,000 over the next ten years. The discount rate is 5%. Which option should you choose and why? Show all your calculations.
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