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3) You are at retirement age and one of your benefit options is to accept a monthly annuity of $5,900 for 20 years. What lump

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3) You are at retirement age and one of your benefit options is to accept a monthly annuity of $5,900 for 20 years. What lump sum settlement, if paid today, would have the same present value as the $5,900 monthly annuity? Assume a 4.5 percent discount rate

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