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1. You have just won $1 million in the lottery. (It is not really $1million as we will see.) You can choose to be paid
1. You have just won $1 million in the lottery. (It is not really $1million as we will see.) You can choose to be paid as $50,000 each year for the next 20 years, or you have the option to take a one-time cash payout of $500,000 today instead. If the interest rate is 6%, which should you choose?
please show calculations with excel if possible!
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