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Jodi just won the lottery. Jodi is given the choice of receiving $15,000 at the end of each year for the next 25 years, or
Jodi just won the lottery. Jodi is given the choice of receiving $15,000 at the end of each year for the next 25 years, or a lump sum today. If Jodi can earn a return of 8% on her investment, what is the minimum amount Jodi should be willing to accept today as a lump-sum payment? Round your answer to the nearest hundred dollars. a. $160.100 b. $213,500 c. $130,200 d. $266,900 e. $245.500
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