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(1) John just won a $129 million of New Jersey Lottery. The NJ Lottery Commission offers you a choice of receiving a lump sum today.
(1) John just won a $129 million of New Jersey Lottery. The NJ Lottery Commission offers you a choice of receiving a lump sum today. Or to receive that $129 million split into 32 equal annual installments at the end of each year (with the first amount Assume the funds can be reinvested at an annual rate of 5.56% What dollar amount of the lump sum would exactly equal to the PV pf the annual installments? Round off to the nearest $1.0
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