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8. You won the lottery. You have the choice of a 20-year annual annuity of $25,000 or a lump sum today of $450,000. Which would

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8. You won the lottery. You have the choice of a 20-year annual annuity of $25,000 or a lump sum today of $450,000. Which would you choose? Why? (Assume a risk-free rate of 2.5% exists). 9. Describe the difference between an ordinary annuity and an annuity due. What have we been working with in class

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