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As a settlement for an insurance claim, Craig was offered one of two choices. He could either accept a lump-sum amount of $3047 now, or

As a settlement for an insurance claim, Craig was offered one of two choices. He could either accept a lump-sum amount of $3047 now, or accept quarterly payments of $157 for the next five years. If the money is placed into a trust fund earning 3.24% compounded annually, which is the better option and by how much?

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