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Jessie won a lottery and was given the following choice. He could either take $5000 at the end of each month for 24 years, or

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Jessie won a lottery and was given the following choice. He could either take $5000 at the end of each month for 24 years, or a lump sum of $700,000. At what effective annual interest rate would he be indifferent between the two choices? a. 10.8% b. 6.8% c. 6.9% d. 7.2%

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