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Congratulations! You have won the lottery. The lottery offers you the following payout options: Option #1: $11,051,000 after 5 years. Option #2: $1,892,000 per year

image text in transcribed Congratulations! You have won the lottery. The lottery offers you the following payout options: Option \#1: \$11,051,000 after 5 years. Option \#2: \$1,892,000 per year for 5 years. Option \#3: \$8,765,000 after 3 years. Use the Present Value of $1 or the Present Value of Ordinary Annuity of $1 tables from above. Round final present value to the nearest whole number. When calculating the present values, be sure to use the full present value factor or annuity factor to 3 decimal places in your calculations. Note that the answer key will show the values rounded t 2 decimal places due to display limitations. Assuming you could earn 9% on your funds, which option would you prefer

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