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A relative just won the lottery. They were given 3 options for receiving the money as follows: Option A: Receive $10,000,000 today Option B: Receive
A relative just won the lottery. They were given 3 options for receiving the money as follows:
Option A: Receive $10,000,000 today
Option B: Receive $15,000,000 in 5 years
Option C: Receive $2,500,000 per year for 5 years
1a. Assuming a rate of 5%, which option should be selected? Support your answer with calculations.
1b. Assuming an interest rate of 10%, how long will it take an investor to double their money?
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