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Alice has just won a lottery and has the option of receiving a lump sum payment of $1,000,000 today, or a 24-year annuity that pays
Alice has just won a lottery and has the option of receiving a lump sum payment of $1,000,000 today, or a 24-year annuity that pays her $71,000 per year, with the first payment due one year from today. If the interest rate is 5% per year, which option should she choose? (Please type PV of both options)
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