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Bob won a lottery and was given the following choices. He could either take $8,000 at the end of each month for 30 years, or
Bob won a lottery and was given the following choices. He could either take $8,000 at the end of each month for 30 years, or a lump sum of $1,880,000 today. Assuming daily compounding at approximately what interest rate (per year) would he be indifferent between the two choices? (Show your calculationssuggestion you can use financial calculator to solve this problem, and make sure to show input used for each calculator keystroke.)
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