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3) You are at retirement age and one of your benefit options is to accept a monthly annuity of $6,900 for 20 years.What lump sum

3) You are at retirement age and one of your benefit options is to accept a monthly annuity of $6,900 for 20 years.What lump sum settlement, if paid today, would have the same present value as the $6,900 monthly annuity?Assume a 5 percent discount rate.

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