You have just won a lottery, which gives you a choice of two prizes. You can take

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You have just won a lottery, which gives you a choice of two prizes.

You can take a lump sum payment of $100,000 now. Alternatively, you can choose to receive $10,000 per year for twelve years, where the first payment occurs now. Suppose that the interest rate is 3% p.a., quarterly compounding.Which would you choose?

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