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2. Suppose you have won a competition and you can choose either to receive a lump sum of $1,000,000 now, or a payment of $150,000

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2. Suppose you have won a competition and you can choose either to receive a lump sum of $1,000,000 now, or a payment of $150,000 at the end of each year for the next ten years. Which should you choose, assuming that the highest interest rate you can obtain is a simple annual (no compounding) 8.5% per year over the ten-year period

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